Schlumberger Limited (NYSE:SLB) today reported third-quarter
revenue of $5.43 billion versus $5.53 billion in the second quarter
of 2009, and $7.26 billion in the third quarter of 2008.
Income from continuing operations attributable to Schlumberger
was $787 million—a decrease of 4% sequentially, excluding $207
million of charges in the second quarter of 2009, and 48% lower
year-on-year. Diluted earnings-per-share from continuing operations
was $0.65 versus $0.68, excluding charges of $0.17 per share in the
previous quarter, and $1.25 in the third quarter of 2008.
Oilfield Services revenue of $4.95 billion was flat sequentially
but down 22% year-on-year. Pretax segment operating income of $1.04
billion was up 2% sequentially but down 39% year-on-year.
WesternGeco revenue of $463 million was down 17% sequentially
and 48% year-on-year. Pretax segment operating income of $61
million was down 37% sequentially and 83% year-on-year.
Schlumberger Chairman and CEO Andrew Gould commented, “Oilfield
Services revenue was flat with the second quarter as increases in
both North and South America offset a further decline in the Middle
East and Asia. As a result of this, coupled with the implementation
of cost-cutting programs earlier in the year, overall margins
slightly increased.
At WesternGeco, sequential revenue declines were due to lower
Multiclient revenues in the quarter and the rollover of Marine
contracts from higher-priced legacy backlog into new lower-priced
activity. These factors resulted in lower margins.
Our outlook for the remainder of 2009 assumes a continued modest
recovery in North American gas drilling but no significant
improvement in service pricing. Overseas, while rig activity is
stabilizing, seasonal factors and pricing concessions made in the
first half year that are still being implemented leave some risk of
further small revenue declines. At WesternGeco, improvement will
depend on the level of fourth-quarter multiclient sales.
Looking further ahead, we said in our second-quarter outlook
that the shape of the economic recovery beyond 2009 and the
subsequent recovery in oil and gas demand remained the determining
factors for future activity increases. Since then, indications of
inventory rebuilding across many industries together with help from
government stimuli have helped to strengthen demand for both oil
and gas. While uncertainties remain, notably the transition from
current stimuli to industrial and consumer demand and the extent to
which the recovery will be limited by high unemployment, the demand
for oil and gas will increase somewhat over the coming months.
As a result, we see continuing stabilization of activity around
the world. However, this will not be uniform across either
geographies or for services by commodity type.
We consider that world gas markets are oversupplied and will
remain so for some time absent any strong recovery in industrial
demand. Both new LNG capacity coming on stream, as well as ample
storage and pent-up supply in North America, will serve to keep
prices and activity low. In North America we feel the current
slight recovery in drilling is fragile and not likely to
significantly improve service activity and pricing until late
2010.
For oil, the current robust price will lead to operators
maintaining their spending levels, and this, coupled with the
lowering of their cost structures, may produce some modest
increases in activity. We see continued strength in deepwater areas
and some increases in selected land markets. We also feel that a
more robust commodity price will lead to some increase in seismic
activity, although new marine capacity will continue to depress
pricing.
The worst, provided the economy continues to show signs of
recovery, is behind us.”
Other Event:
On September 8, 2009, Schlumberger issued $450 million of
Guaranteed Notes due 2013 at an interest rate of 3.0%. The proceeds
from this issuance were used to refinance existing debt
obligations.
Consolidated Statement of Income
(Stated in millions, except per share amounts)
Third Quarter Nine Months For Periods Ended September 30
2009 2008
2009
2008 Revenue
$ 5,430 $ 7,259
$
16,958 $ 20,295 Interest and other income, net (1)
74
107
211 306 Expenses Cost of revenue (2)
4,122 4,967
13,019 13,934 Research & engineering
198 208
585 597 Marketing
22 23
67 71 General &
administrative
128 150
390 434 Interest
54 61
169 189 Income from
Continuing Operations before taxes
980 1,957
2,939
5,376 Taxes on income (2)
191
418
595
1,104 Income from Continuing Operations
789 1,539
2,344 4,272 Discontinued Operations
- -
- 38 Net Income
789 1,539
2,344 4,310 Net Income attributable to
noncontrolling interests
(2 )
(13 )
(6 )
(25 ) Net Income attributable to Schlumberger (2)
$ 787 $ 1,526
$ 2,338 $ 4,285
Schlumberger amounts attributable to: Income from Continuing
Operations
$ 787 $ 1,526
$ 2,338 $
4,247 Discontinued Operations
- -
- 38 Net Income
$
787 $ 1,526
$ 2,338 $
4,285 Diluted Earnings Per Share of Schlumberger:
Income from Continuing Operations
$ 0.65 $ 1.25
$ 1.93 $ 3.46 Discontinued Operations
-
-
- 0.03
Net Income (3)
$ 0.65 $ 1.25
$
1.93 $ 3.50 Average shares outstanding
1,200 1,199
1,198 1,197 Average shares outstanding
assuming dilution
1,218 1,225
1,214 1,229
Depreciation & amortization included in expenses (4)
$ 613 $ 583
$ 1,848 $ 1,656 1)
Includes interest income of: Third Quarter 2009 - $15
million (2008 - $31 million) Nine Months 2009 - $51 million (2008 -
$93 million) 2) See page 7 for details of charges. 3)
Amounts may not add due to rounding. 4) Including
Multiclient seismic data cost.
Condensed
Consolidated Balance Sheet (Stated in millions)
Sept. 30, Dec. 31, Assets
2009
2008 Current Assets Cash and short-term investments
$
4,228 $ 3,692 Other current assets
9,154 9,294
13,382 12,986 Fixed
income investments, held to maturity
625 470 Fixed assets
9,610 9,690 Multiclient seismic data
285 287 Goodwill
5,296 5,189 Other assets
3,877
3,472
$ 33,075
$ 32,094 Liabilities and Equity
Current Liabilities Accounts payable
and accrued liabilities
$ 4,734 $ 5,319 Estimated
liability for taxes on income
929 1,007 Bank loans and
current portion of long-term debt
879 1,597 Convertible
debentures
321 - Dividend payable
250
252
7,113 8,175 Convertible debentures
- 321 Other long-term debt
4,313 3,372 Postretirement
benefits
1,293 2,369 Other liabilities
892 923
13,611 15,160 Equity
19,464 16,934
$ 33,075 $ 32,094
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) Nine Months 2009 Net
Debt, January 1, 2009 $ (1,129 ) Net income 2,344 Depreciation and
amortization 1,848 Non-cash postretirement benefits curtailment
charge 135 Excess of equity income over dividends received (54 )
Stock-based compensation expense 139 Increase in working capital
requirements (552 ) Capital expenditure (1,719 ) Multiclient
seismic data capitalized (150 ) Dividends paid (758 ) Proceeds from
employee stock plans 156 Business acquisitions (475 ) Pension plan
funding (865 ) Other 486 Translation effect on net debt (66
) Net Debt, September 30, 2009 $ (660 )
Components of Net Debt
Sept. 30,2009
Dec. 31,2008
Cash and short-term investments $ 4,228 $ 3,692 Fixed income
investments, held to maturity 625 470 Bank loans and current
portion of long-term debt (879 ) (1,598 ) Convertible debentures
(321 ) (321 ) Other long-term debt (4,313 ) (3,372 )
$ (660 ) $ (1,129 )
Business Review
(Stated in millions) Third Quarter Nine Months 2009
2008 % chg 2009 2008 % chg
Oilfield Services
Revenue $ 4,953 $ 6,356 (22 )% $ 15,349 $ 18,027 (15 )% Pretax
Operating Income $ 1,042 $ 1,699 (39 )% $ 3,320 $ 4,905 (32 )%
WesternGeco
Revenue $ 463 $ 892 (48 )% $ 1,573 $ 2,239 (30 )% Pretax Operating
Income $ 61 $ 355 (83 )% $ 212 $ 748 (72 )%
Pretax operating income represents the segments’ income before
taxes and noncontrolling interests. 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 Third-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
Operationsattributable to Schlumberger
$ 767 $ 152 $ (2 ) $ 613 $ 0.51 Add back charges: - Workforce
reduction 102 17 - 85 0.07 Cost of revenue - Postretirement
benefits curtailment 136 14 -
122 0.10 Cost of revenue Income from Continuing Operations
attributable to Schlumberger,
before charges
$ 1,005 $ 183 $ (2 ) $ 820 $ 0.68
There were no charges in either the first or third quarters of
2009 or the first nine months of 2008.
Oilfield Services
Third-quarter revenue of $4.95 billion was flat sequentially as
certain geographic strengths were balanced by weaker pricing.
Revenue was 22% lower year-on-year. In North America, the positive
impact of a recovery in rig count in Canada following the spring
break-up was offset primarily by a slowdown in the US Gulf of
Mexico GeoMarket* due to operator caution during the hurricane
season and by continuing pricing erosion in the US Land
GeoMarket. Internationally, Latin America revenue increased
with the finalization of certain contracts in Venezuela/Trinidad
& Tobago and higher Integrated Project Management (IPM)
activity in Mexico/Central America, but these increases were offset
by lower Middle East & Asia revenue due to reduced overall
activity and the effects of weaker pricing. Europe/CIS/Africa
revenue was flat as the positive effects of the strengthening of
local currencies against the US dollar and high product sales in
North Africa were offset by reductions in activity in the West
& South Africa, North Sea and Libya GeoMarkets. Across the
Areas, revenue increases in IPM, Testing Services and Well Services
were primarily offset by revenue declines in Completions, Drilling
& Measurements and Wireline Technologies.
Third-quarter pretax operating income of $1.04 billion was 2%
higher sequentially, but 39% lower year-on-year. Pretax operating
margin increased to 21.0% as improvements in North America and
Latin America were offset by modest declines in Europe/CIS/Africa
and Middle East & Asia.
In September, Schlumberger and National Oilwell Varco formed a
joint venture to provide high-speed drill-string telemetry systems
to improve the efficiency and safety of oil and gas operations. The
IntelliServ joint venture is expected to accelerate development and
delivery of intelligent drilling solutions through the expanded use
of the IntelliServ® Broadband Network, a patented technology that
provides high resolution data in real time to and from the bottom
of oil and gas wells as they are being drilled. IntelliServ also
will provide along-string evaluation services that will enable
real-time monitoring of drill-string conditions, and an unlimited
ability to actuate downhole tools on demand. The current speed of
57,600 bits per second is up to 20,000 times faster than the
transmission speed that is available using conventional mud-pulse
technology.
In Saudi Arabia, Schlumberger announced the opening of a new
reservoir completions manufacturing center in Dammam Industrial
City. Representing an investment of $25 million, the new center
houses a team of design and manufacturing engineers specialized in
the production of downhole reservoir completions equipment. The
center also provides a collaborative environment in which joint oil
company and Schlumberger teams can develop and manufacture
completions solutions for application across Saudi Arabia and the
Middle East. The new center also represents a further step in
Schlumberger infrastructure investment in the area.
Recent contract awards demonstrated the value of Schlumberger
technology leadership and operational differentiation. These
included an award in Denmark for Maersk Oil for open-hole wireline
operations under high-pressure, high-temperature conditions; in
Russia for Arcticgas, a SeverEnergia company, for a series of
services north of the Arctic Circle; in West Africa for subsea
completion installations, particularly in Equatorial Guinea; and in
the North Sea for Apache for electrical submersible pump systems
based on excellent service delivery.
North America
Revenue of $823 million was unchanged sequentially but 45% lower
year-on-year. Pretax operating income of $27.6 million was up 253%
sequentially but fell 91% year-on-year.
Sequentially, revenue in Canada increased on a muted post spring
break-up recovery in rig count but this was offset by decreased
revenue in the US GeoMarkets. In the US Gulf of Mexico GeoMarket
revenue was impacted by a slowdown in activity due to operator
caution during the hurricane season and by a further decrease in
shelf drilling activity as a result of continued uneconomic natural
gas prices. US Land GeoMarket revenue decreased as an improvement
in oil-related activity was more than offset by pricing erosion in
the early part of the quarter. The Alaska GeoMarket also recorded
lower sequential revenue due to a slowdown in activity for seasonal
rig maintenance and operator budget constraints.
Pretax operating margin increased 240 basis points (bps)
sequentially to 3.4% primarily due to the increased activity in
Canada, which was partially offset by weaker activity in the US
Gulf of Mexico and Alaska GeoMarkets.
In the US Gulf of Mexico, Schlumberger Well Services
coiled-tubing and pumping services were deployed with CoilTOOLS*
coiled-tubing intervention tools and solutions to plug and abandon
a series of eight wells for Chevron without lost time and with the
minimum number of runs. An integrated approach to the operations
reduced cost and provided a single point of contact that enabled
the customer to spend time on planning other well intervention
activities.
In US Land, advanced Schlumberger Wireline probe technology was
used on the PressureXpress* reservoir pressure-while-logging
service for Ultra Resources to acquire formation pressures in the
Pinedale Anticline in tight reservoirs with porosities less than 8%
and mobilities inferior to 0.01md/cp. This success has convinced
the customer to continue the technique as part of their reservoir
characterization program.
Elsewhere in the US Gulf of Mexico, a Schlumberger Wireline
walkaway vertical seismic profile was run for Anadarko on the
Samurai prospect on Green Canyon Block 432. The 50,000-ft survey
line was completed in 21 hours, with no lost time, and resulted in
more than 25,260 shot records. Processing was completed in less
than a week and confirmed a suspected fault located in a zone of
lost circulation at 29,315 ft. The results are now being used to
plan a sidetrack to the well to delineate and appraise this
discovery.
In a Devon Energy Barnett Shale well in US Land, Schlumberger
Wireline Sonic Scanner* and Platform Express* services were run
using XTRA* tractor technology to acquire logging information for
integration with other data in the Schlumberger Petrel* workflow
process. This approach to guiding subsequent hydraulic fracture
stage design will integrate StimMAP* hydraulic fracture evaluation
results to help optimize well completion.
A successful coiled-tubing logging campaign was completed by
Schlumberger for Mariner Energy in the US Gulf of Mexico.
Successful integration of production services technology from Well
Services, CoilTOOLS and Wireline successfully cleaned and logged
two wells producing saltwater from an unidentified zone which
subsequently hindered production due to the salt deposits in the
wellbore. Rapid assembly of downhole tools using VANTAGE*
logging-head technology helped achieve significant time savings
with consequent operating cost reductions compared to conventional
coiled-tubing logging methods.
In US Land, advanced Schlumberger Drilling & Measurements
technologies including the EcoScope* multifunction system, the
SonicVISION* sonic-while-drilling service and the PowerDrive*
rotary-steerable system have been deployed in 11 wells in various
shale plays including the Woodford, Eagleford, Haynesville and
Marcellus formations. As well as being used to place wells in the
ideal part of the reservoirs and maximize completion and
stimulation efficiencies, the technologies saved three days' worth
of rig time per well in data acquisition and drilled the lateral
sections two days faster than conventional motor technology.
Latin America
Revenue of $1.07 billion was 8% higher sequentially but 6% lower
year-on-year. Pretax operating income of $197 million was 12%
higher sequentially but 14% lower year-on-year.
Sequentially, Venezuela/Trinidad & Tobago GeoMarket revenue
increased as finalization of certain contracts resulted in the
recognition of deferred revenue in addition to revenue from
current-quarter activities related to these contracts.
Mexico/Central America GeoMarket revenue was also higher due to the
start-up of the ATG III contract and increased activity on other
IPM projects.
Pretax operating margin improved 70 bps sequentially to 18.3%
primarily due to the positive impact of cost management in the
Venezuela/Trinidad & Tobago GeoMarket and increased IPM
activity in Mexico/Central America. These increases were partially
offset by a decrease in Brazil due primarily to start-up costs for
new contracts.
In East Venezuela, north of Monagas, close cooperation between
Petroleos de Venezuela S.A. (PDVSA) and Schlumberger led to a more
than 12-fold production increase on a well perforated by
Schlumberger and cleaned-up using fluid developed by the
INTEVEP-PDVSA research organization. Schlumberger PURE* and
PowerJet Omega* perforating technologies were deployed, and in
combination with the clean-up fluid led to significant skin
reduction and flow profile improvement.
Elsewhere in Venezuela, new Schlumberger Wireline formation
testing technology led to successful pressure testing for PDVSA on
a key well on Lake Maracaibo where pressure data had previously
proved impossible to obtain. Two target zones in the well—one
highly fractured, the other less laminated—required different
approaches but the combination of Schlumberger dual packer module
technology with Quicksilver Probe* contamination-free sampling
allowed both zones to be tested in a single run.
In Mexico, Schlumberger Drilling & Measurements new
technology continued to be deployed with the use of EcoScope*
multifunction logging-while-drilling services that allowed Pemex to
make real-time decisions based on petrophysical analyses while
drilling. In a well on the Tupilco field, real-time information
helped stop unnecessary pilot well and horizontal section drilling
immediately after data showed that reservoir conditions were not as
expected.
Also in Mexico, Schlumberger Drilling & Measurements
continued to set new drilling records for Pemex. PowerDrive vorteX*
technology enabled increased rate of penetration and saved time in
several different areas. In the Cantarell field, performance gains
of 80% over conventional technologies were recorded and on the
Burgos project in the Cuitlahuac field the technology saved one day
in drilling in the 12 ¼”-hole section. Further deployment is
expected on ATG integrated projects and in other regions to improve
performance.
In Colombia, Schlumberger IPM operational planning and execution
practices led to an average 40% reduction in operating time, a 20%
saving in cost and a net-to-gross-pay zone ratio of 98% over the 11
wells of a continuing horizontal well campaign for Mansarovar in
the Girasol field. Close integration between customer and
Schlumberger teams led to optimal technology selection while
planning and execution using Schlumberger Drilling &
Measurements PeriScope* well-placement technology added to
operational performance.
In September, Schlumberger announced the signing of a joint
cooperation agreement with the Universidade Federal do Rio de
Janeiro to build a key international research center on the
university’s campus. The Schlumberger Brazil Research and
Geosciences Center will focus on research and development
activities in the deep-water pre-salt environment, with emphasis on
the development of geosciences software for the exploration and
production sector; new technologies to meet reservoir challenges in
pre-salt environments; and the creation of a geophysical processing
and interpretation Center of Excellence covering time-lapse seismic
and combined electromagnetic and seismic measurements.
Europe/CIS/Africa
Revenue of $1.78 billion was flat sequentially but 18% lower
year-on-year. Pretax operating income of $422 million was 2% lower
sequentially and 33% lower year-on-year.
Sequentially, the strengthening of local currencies against the
US Dollar increased Area revenue by 2%. In addition, North Africa
GeoMarket revenue increased on high Testing Services product sales
and stronger IPM activity while the Nigeria & Gulf of Guinea
GeoMarket grew primarily on strong demand for Well Services
technologies. However, these increases were partially offset by
lower revenue in the West & South Africa GeoMarket from reduced
activity that primarily affected Well Services operations and by a
decrease in the North Sea GeoMarket resulting from lower rig count
and pricing that mostly impacted Drilling & Measurements
services. Libya GeoMarket revenue fell on reduced demand for
Testing Services and Well Services technologies as well as for
Completion products.
Pretax operating margin slipped 53 bps sequentially to 23.7% as
increased North Africa GeoMarket revenue and a more favorable
revenue mix in Russia were insufficient to offset lower activity
and a less favorable revenue mix in the North Sea and West &
South Africa GeoMarkets.
In the UK sector of the North Sea, Schlumberger Artificial Lift
was awarded a contract covering all Apache North Sea electrical
submersible pump systems. The award follows excellent service
delivery on previous contracts and includes bonus payments for
run-life performance improvement.
Also in the UK North Sea, the Schlumberger Well Testing
Cleanphase* well-test separator with SmartWeir* technology enabled
Total to recover costly high-density completion fluid while
permitting safe, efficient and environmentally-responsible fluids
disposal. SmartWeir technology handles high fluid volumes,
optimizes water retention time, and does not plug with debris.
In Denmark, Maersk Oil & Gas awarded all open-hole wireline
services to Schlumberger based on technology and high-pressure,
high-temperature data acquisition capabilities.
In Norway, Schlumberger Information Solutions designed and
implemented a fit-for-purpose, fully managed petrotechnical office
installation for Polskie Górnictwo Naftowe i Gazownictwo Norway
that included Petrel, ECLIPSE*, and Interactive Petrophysics*
software applications together with corresponding infrastructure,
data management services and collaboration and visualization
technology. The installation enabled the customer’s geologists and
geophysicists to become quickly operational with access to
formatted regional data ready for interpretation.
In Equatorial Guinea, Schlumberger was awarded a major subsea
completions contract by Noble Energy for work on 10 wells with the
possibility of additional development in the area. The contract
covers installation of the upper and lower well
completions—including reservoir monitoring and completions
technologies—on the Aseng development project. The award was based
on technology availability and operational support.
In Nigeria, Schlumberger Completions commissioned intelligent
well completions on three deep-water in-fill wells for Eni-NAE.
Multiple Schlumberger technologies were deployed during operations
including tubing-conveyed PowerJet Omega perforating charges,
tubing-retrievable hydraulic flow control valves, Quantum* packers
and wire-wrap screens. The project included a triple-zone
intelligent well combined with sand control systems in a subsea
completion, with the well considered to be a best-in-class example
by the customer.
In Uganda, the Schlumberger Wireline MDT* Modular Formation
Dynamics Tester dual packer technology was run in cased hole for
Tullow Oil on the Ngassa-2 well after previous attempts in open
hole had proved unsuccessful. The successful operation minimized
risk to secure 14 samples and enabled the customer to discover a
previously unknown major pay zone.
In Russia, Arcticgas, a SeverEnergia company, awarded
Schlumberger a series of contracts covering wireline logging, well
perforating and well testing services for deployment on both newly
drilled and existing wells on Arcticgas fields north of the Arctic
Circle near Novy Urengoy.
In Sakhalin, East Russia, Schlumberger Wireline technology was
deployed on two wells for Venineft LLC as part of an exploration
program on the Veninsky Block. The combination of the
latest–generation Wireline skid-mounted logging unit with advanced
technology logging tools delivered high-quality data with no lost
time.
Also in East Russia, collaboration between Schlumberger Wireline
and Schlumberger Data & Consulting Services led to success in
providing Gazflot with reliable reservoir characterization results
from the Kirinskaya-2 well drilled to further evaluate reserves on
the Kirinsky Block in Sakhalin. The geology of the area required
close cooperation between Gazflot and Schlumberger to define and
deploy an advanced logging program on TLC* Tough Logging Conditions
System equipment including CMR* Combinable Magnetic Resonance,
PressureXpress formation testing, ECS* Elemental Capture
Spectroscopy and APS* Accelerator Porosity Sonde technologies.
Middle East & Asia
Revenue of $1.23 billion decreased 6% sequentially and 17%
year-on-year. Pretax operating income of $391 million decreased 7%
sequentially and 26% year-on-year.
Sequentially, revenue in the East Asia GeoMarket fell from
completion of several exploration-related campaigns with consequent
lower demand for Wireline, Testing Services and Well Services
technologies. Qatar GeoMarket revenue decreased primarily due to
the completion of offshore projects that resulted in reduced demand
for all Technologies. Gulf GeoMarket revenue fell on lower rig
count that led to a decrease in Drilling & Measurements and
Wireline services. The East Mediterranean revenue dropped as the
result of lower land activity that reduced demand primarily for
Well Services technologies. These decreases however were partially
offset by an increase in the Arabian GeoMarket revenue on strong
gas-related activity that resulted in higher demand for Well
Services and Testing Services technologies. Weaker pricing also
contributed to lower revenue.
Pretax operating margin decreased by just 32 bps sequentially to
31.7% as the impact of the stronger activity in the Arabian
GeoMarket and a more favorable revenue mix in the Indonesia
GeoMarket almost offset the lower activity in the East Asia, Qatar,
Gulf and East Mediterranean GeoMarkets as well as the effects of
weaker pricing across the Area.
Offshore Australia, a complete Schlumberger Drilling &
Measurements Scope Family* advanced logging-while-drilling tool
string was run in combination with PowerDrive X5* rotary-steerable
technology in a horizontal well for Woodside Energy. Real-time
operational support from Data & Consulting Services
petro-technical experts working in the client office helped ensure
successful penetration of two reservoir sands across a complex
faulted geological block with the StethoScope* formation
pressure-while-drilling data confirming the sands to be separate
reservoir compartments. Further use of the technology is planned in
a subsequent well.
In Malaysia, Schlumberger Well Services CoilFLATE*
high-pressure, high-temperature inflatable packer technology was
successfully used on a two-well water shut-off campaign for
Petronas Carigali Sdn Bhd. On the same wells, the Testing Services
eFire-CT* coiled-tubing electronic firing head system was used to
perforate a new reservoir. The combination of these two
technologies led to a threefold production increase over that
originally expected.
Also in Malaysia, following several successful deployments of
Schlumberger Neon* opto-electric permanent monitoring cable
technology offshore, Schlumberger Completions successfully
installed a unique multi-gauge Neon system with four
next-generation permanent quartz gauges and double-ended
distributed temperature sensor fibers. The system allows for
gas-lift optimization while providing flow contribution
measurements from the four reservoir sands in addition to a number
of critical production diagnostics. This is a critical reservoir
management technology installed to monitor enhanced oil recovery
injection on the Bokor field managed by Schlumberger IPM.
In Brunei, Schlumberger was awarded an additional campaign by
Brunei Shell Petroleum using Well Services coiled-tubing Catenary*
technology. This campaign was added to the Shell production
enhancement projects after the first campaign deploying the
technology demonstrated that wells on remote, small platforms could
be accessed for fast and cost effective production enhancement
projects.
In Oman, Schlumberger Subsea was awarded a pipeline surveillance
contract using INtegriti* distributed fiber-optic technology. The
new INtegriti system, based on measurements of vibration and
temperature, will be deployed for detection of leaks and
third-party damage.
Also in Oman, SIS was awarded a contract by Petroleum
Development Oman (PDO) for deployment of an integrated information
management system based on Schlumberger Osprey* Operations Manager
software. The system includes drilling information management and a
well engineering collaborative work environment. This combination
is designed to help PDO with performance improvement goals across
their fleet of 37 rigs. The system will monitor performance trends
versus established performance indicators linking them to
systematic engagement with the rig teams to drive a continuous
improvement process.
In Saudi Arabia, a series of Schlumberger Well Services ACTive*
real-time coiled-tubing technologies was deployed as part of the
stimulation treatment on a dual lateral natural gas well completed
in open hole. The technologies enabled positive lateral
identification, facilitated fluid movement monitoring and helped
customized placement of the stimulation diversion and acid systems
in the main intervals of interest. Resulting production exceeded
initial expectations.
WesternGeco
Third-quarter revenue of $463 million decreased 17% sequentially
and 48% year-on-year. Pretax operating income of $61 million
decreased 37% sequentially and 83% year-on-year.
Sequentially, Multiclient revenue decreased mostly on reduced
sales in North America and the North Sea. Marine revenue fell
primarily as the result of weaker pricing and the completion of two
large contracts. Land revenue was also lower due to project delays
in the Middle East and Africa. Data Processing revenue was flat
versus the previous quarter.
Pretax operating margin fell 421 bps sequentially to 13.1%
primarily as a result of the lower Multiclient sales and Land
project delays.
During the quarter, the WesternGeco Magellan left the shipyard
in Spain on its maiden voyage to begin operations. The 12-streamer
vessel is the world’s second seismic X-Bow design to sail,
following the WesternGeco Columbus earlier in 2009. The new design
provides improved transit speeds, lower power consumption, reduced
emissions and lower levels of pitching and vibration for a
friendlier work environment.
WesternGeco recently completed the first ever wide-azimuth
survey in Angolan waters—ahead of schedule and within budget. The
vessels Western Trident, Geco Diamond and Gilavar performed the
survey and their crews and shore-side management were commended by
BP for their professional approach, timely delivery of service,
excellent data quality and outstanding performance.
Following the feasibility study completed for Apache on the
Forties field in the UK North Sea, WesternGeco was awarded a 4D
Q-Marine* seismic survey on the field. The contract includes data
processing of the new survey as well as the reprocessing of several
other existing datasets and is the first Q-Marine award by
Apache.
In response to significant customer interest, WesternGeco began
acquisition of multiclient surveys E-Octopus VIII and E-Octopus IX
in early September. Located in the highly prospective Alaminos
Canyon, Keathley Canyon and East Breaks areas of the US Gulf of
Mexico, the surveys cover more than 450 Outer Continental Shelf
(OCS) blocks and target some of the most challenging subsalt
imaging areas of the OCS.
Operations commenced on a land 4D baseline survey for Chevron
Australia during the quarter. The survey is a mixture of onshore
and transition zone work within a Class A nature reserve on Barrow
Island. The results of this and future surveys will be used to
monitor the underground injection of carbon dioxide from gas
produced from the Gorgon field and injected into a formation more
than 2,000 m beneath Barrow Island.
In seismic data processing, the proven results generated by
WesternGeco 3D GSMP* Generalized Surface Multiple Prediction and
Reverse Time Migration (RTM) workflows resulted in the award of
three significant contracts in North America during the
quarter.
WesternGeco Electromagnetics completed a multiclient project in
the Potiguar Basin, offshore Brazil. The project comprised
integrated interpretation of 2D prestack depth-migrated seismic
data, Petromod* petroleum systems modeling, and analysis of
satellite oil-seep information to generate prospects. An
accumulated total of approximately 1,300 sq km of Controlled Source
Electromagnetics (CSEM) data were then acquired over these
prospects and inverted to create resistivity datasets. The
resulting geophysical datasets have been integrated into a Petrel
database to be offered as part of a multiclient package.
WesternGeco Electromagnetics was awarded a contract to conduct
the first CSEM survey in the Turkish sector of the Black Sea. The
survey, to be acquired by Toisa Vigilant, is the largest volume of
CSEM work tendered and awarded in the industry to date.
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 77,000 people representing over 140 nationalities and
working in approximately 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
®Mark of National Oilwell Varco
Notes
Schlumberger will hold a conference call to discuss the above
announcement on Friday, October 23, 2009. The call is scheduled to
begin at 8:00 am US Central Daylight Time (CDT), 9:00 a.m. Eastern
Daylight Time (EDT). To access the call, which is open to the
public, please contact the conference call operator at
+1-877-209-9920 within North America, or +1-612-332-7515 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 until November 23, 2009 by dialing
+1-800-475-6701 within North America, or +1-320-365-3844 outside of
North America, and providing the access code 111676.
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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