- Global revenue of $5.6 billion increased 8% sequentially
- International revenue was $4.5 billion and North America
revenue was $1.1 billion
- EPS of $0.30 increased 43% sequentially
- Cash flow from operations was $1.2 billion and free cash flow
was $869 million
- Board approved quarterly cash dividend of $0.125 per share
Regulatory News:
Schlumberger Limited (NYSE: SLB) today reported results for the
second-quarter 2021.
Second-Quarter Results
(Stated in millions, except per share amounts)
Three Months
Ended Change Jun. 30, 2021 Mar. 31, 2021 Jun. 30,
2020
Sequential Year-on-year Revenue*
$5,634
$5,223
$5,356
8%
5%
Income (loss) before taxes - GAAP basis
$542
$386
$(3,627)
40%
n/m
Net income (loss) - GAAP basis
$431
$299
$(3,434)
44%
n/m
Diluted EPS (loss per share) - GAAP basis
$0.30
$0.21
$(2.47)
43%
n/m
Adjusted EBITDA**
$1,198
$1,049
$838
14%
43%
Adjusted EBITDA margin**
21.3%
20.1%
15.6%
118 bps
561 bps
Pretax segment operating income**
$807
$664
$396
22%
104%
Pretax segment operating margin**
14.3%
12.7%
7.4%
162 bps
694 bps
Net income, excluding charges & credits**
$431
$299
$69
44%
525%
Diluted EPS, excluding charges & credits**
$0.30
$0.21
$0.05
43%
500%
Revenue by Geography
International
$4,511
$4,211
$4,224
7%
7%
North America*
1,083
972
1,097
11%
-1%
Other
40
40
35
n/m
n/m
$5,634
$5,223
$5,356
8%
5%
*Schlumberger divested certain businesses in North America
during the fourth quarter of 2020. These businesses generated
revenue of $159 million during the second quarter of 2020.
Excluding the impact of these divestitures, global second-quarter
2021 revenue increased 8% year-on-year. North America
second-quarter 2021 revenue, excluding the impact of these
divestitures, increased 15% year-on-year. **These are non-GAAP
financial measures. See sections titled "Charges & Credits,"
"Divisions," and "Supplemental Information" for details. n/m = not
meaningful (Stated in millions)
Three Months Ended
Change Jun. 30, 2021 Mar. 31, 2021 Jun. 30, 2020
Sequential Year-on-year
Revenue by Division Digital
& Integration
$817
$773
$619
6%
32%
Reservoir Performance*
1,117
1,002
1,170
12%
-4%
Well Construction
2,110
1,935
2,089
9%
1%
Production Systems**
1,681
1,590
1,557
6%
8%
Other
(91)
(77)
(79)
n/m
n/m
$5,634
$5,223
$5,356
8%
5%
Pretax Operating Income by Division
Digital & Integration
$274
$247
$108
11%
154%
Reservoir Performance
156
102
22
52%
609%
Well Construction
272
209
180
30%
51%
Production Systems
171
138
145
24%
18%
Other
(66)
(32)
(59)
n/m
n/m
$807
$664
$396
22%
104%
Pretax Operating Margin by Division
Digital & Integration
33.5%
32.0%
17.4%
147 bps
1,606 bps
Reservoir Performance
14.0%
10.2%
1.9%
373 bps
1,206 bps
Well Construction
12.9%
10.8%
8.6%
209 bps
427 bps
Production Systems
10.2%
8.7%
9.3%
146 bps
84 bps
Other
n/m
n/m
n/m
n/m
n/m
14.3%
12.7%
7.4%
162 bps
694 bps
*Schlumberger divested its OneStim® pressure pumping
business in North America during the fourth quarter of 2020. This
business generated revenue of $140 million during the second
quarter of 2020. Excluding the impact of this divestiture,
second-quarter 2021 revenue increased 8% year-on-year.
**Schlumberger divested its low-flow artificial lift business in
North America during the fourth quarter of 2020. This business
generated revenue of $19 million during the second quarter of 2020.
Excluding the impact of this divestiture, second-quarter 2021
revenue increased 9% year-on-year. n/m = not meaningful
Schlumberger CEO Olivier Le Peuch commented, “Our second-quarter
results demonstrate the broad strength of our portfolio, the extent
of our market participation—both in North America and
internationally—and our enhanced ability to capture and translate
activity growth into sustained margin expansion and strong free
cash flow. The quarter marks a leap forward in achieving our
full-year financial targets with the potential for further upside
given the right conditions. As I reflect on the progress we have
made since last year, I want to acknowledge the entire Schlumberger
team whose exemplary commitment to safety and performance has not
wavered despite the challenges. Once again, I am extremely proud of
our people for their dedication and resilience, and for delivering
a strong quarter, clearly seizing the beginning of the upcycle.
“Second-quarter global revenue grew 8% sequentially,
outperforming the rig count growth in both North America and the
international markets. All four Divisions grew, resulting in the
highest sequential quarterly revenue growth rate since the second
quarter of 2017.
“In North America, revenue grew 11% sequentially, representing
the highest sequential quarterly growth rate for this area since
the third quarter of 2017. This performance was driven by US land
revenue, which increased 19% due to higher drilling activity and
increased sales of well and surface production systems. Well
Construction revenue in US land grew more than 30% sequentially,
significantly outperforming the rig count growth of 16%. In
addition, Canada land revenue increased despite the spring breakup,
due to higher Asset Performance Solutions (APS) project revenue,
while North America offshore revenue was slightly higher due to
sales of subsea production systems.
“International revenue grew 7% sequentially with all four
Divisions registering growth. The revenue growth outpaced the
international rig count increase—reflecting the depth and diversity
of our portfolio—as activity surpassed the impact of the seasonal
recovery in the Northern Hemisphere. Many countries posted
double-digit sequential revenue growth.
“Globally, the second-quarter revenue growth was led by
Reservoir Performance and Well Construction, where activity
intensified beyond the seasonal recovery. Reservoir Performance
revenue increased 12% sequentially due to the seasonal activity
rebound in the Northern Hemisphere, in addition to higher
exploration and appraisal activity. Well Construction revenue
increased 9% sequentially from increased drilling activity in US
land and broadly across the international markets, particularly
offshore. Digital & Integration revenue increased 6%
sequentially due to higher sales of digital solutions and higher
APS project revenue. Production Systems revenue grew 6%, primarily
due to higher sales of well, surface, and subsea production
systems.
“Sequentially, second-quarter pretax segment operating income
increased 22%. Pretax segment operating margin expanded by 162
basis points (bps) to 14% while adjusted EBITDA margin grew 118 bps
to 21%. Adjusted EBITDA margin was the highest since 2018 and
pretax segment operating margin reached its highest level since
2015. This performance highlights the impact of our capital
stewardship and cost-out measures, which are providing us with
significant operating leverage.
“Second-quarter cash flow from operations was $1.2 billion and
free cash flow was $869 million. These amounts include a $477
million US federal tax refund. We are very pleased with our cash
flow performance which is on track with our full-year target and
enabled us to begin deleveraging the balance sheet during the
quarter.
“While the rise of the COVID-19 Delta variant and resurgence of
related disruptions could impact the pace of economic reopening,
industry projections of oil demand reflect the anticipation of a
wider vaccine-enabled recovery, improving road mobility, and the
impact of various economic stimulus programs. Under this scenario,
we believe the momentum of international activity growth that we
experienced in the second quarter will continue as the cyclical
recovery unfolds. This view is supported by rig count trends,
capital spending signals, and customer feedback. In North America,
we anticipate the growth rate to moderate; however, drilling
activity could still surprise to the upside due to private E&P
operator spending.
“Consequently, absent any further setback in the recovery, we
continue to see our international revenue growing in the second
half of 2021 by double-digits when compared to the second half of
last year. This translates into full-year 2021 international
revenue growth, setting the stage for a strong baseline as we move
into 2022 and beyond.
“During the quarter, we also continued to execute our long-term
strategy with advances in Digital and New Energy through our
technology and unique partnerships. In addition, we accelerated our
commitment to sustainability and decarbonization of our industry.
In particular, we took definitive climate change action during the
quarter and launched our Transition Technologies portfolio which
will aid our clients in meeting their climate change ambitions.
Finally, I am very proud that we announced our commitment to
achieve net-zero emissions by 2050. Our net-zero emissions target
is based on a verifiable, science-based approach that is aligned
with the 1.5 degrees Celsius target of the Paris Agreement and
includes our Scope 3 emissions.
“Overall, the second-quarter performance and the progress we
made on our strategic targets align very well with our long-term
financial ambition. We will seize the industry upcycle with
strength in our core, will leverage the accretive impact of
digital, and will continue building our portfolio of low-carbon
energy ventures.
“I am truly excited about Schlumberger in the new industry
landscape and our commitment to higher value and lower carbon for
our people, our customers, our shareholders, and the global
community.”
Other Events
On June 28, 2021, Schlumberger repurchased $665 million of its
outstanding 3.300% Senior Notes due September 2021.
On July 22, 2021, Schlumberger’s Board of Directors approved a
quarterly cash dividend of $0.125 per share of outstanding common
stock, payable on October 7, 2021 to stockholders of record on
September 1, 2021.
Revenue by Geographical Area
(Stated in millions)
Three Months Ended Change
Jun. 30, 2021 Mar. 31, 2021 Jun. 30, 2020
Sequential
Year-on-year North America*
$1,083
$972
$1,097
11%
-1%
Latin America
1,057
1,038
629
2%
68%
Europe/CIS/Africa
1,453
1,256
1,449
16%
-
Middle East & Asia
2,001
1,917
2,146
4%
-7%
Other
40
40
35
n/m
n/m
$5,634
$5,223
$5,356
8%
5%
International
$4,511
$4,211
$4,224
7%
7%
North America*
$1,083
$972
$1,097
11%
-1%
*Schlumberger divested certain businesses in North America
during the fourth quarter of 2020. These businesses generated
revenue of $159 million during the second quarter of 2020.
Excluding the impact of these divestitures, global second-quarter
2021 revenue increased 8% year-on-year. North America
second-quarter 2021 revenue, excluding the impact of these
divestitures, increased 15% year-on-year. n/m = not meaningful
Certain prior period amounts have been reclassified to conform to
the current period presentation.
North America
North America revenue of $1.1 billion increased 11%
sequentially, with US land revenue growing 19% due to higher
drilling activity and increased sales of well and surface
production systems. The North America revenue increase represented
the highest sequential quarterly growth rate since the third
quarter of 2017. Well Construction revenue in US land grew more
than 30% sequentially, outperforming the rig count growth of 16%.
In addition, Canada land revenue increased despite the spring
breakup due to higher APS project revenue, while offshore revenue
was slightly higher due to sales of subsea production systems.
International
International revenue of $4.5 billion grew 7%
sequentially outperforming the rig count growth. The revenue
increases that all four Divisions experienced was driven by
activity that strengthened beyond the impact of the seasonal
recovery in the Northern Hemisphere, leading to double-digit
sequential revenue growth in several countries.
Revenue in Latin America of $1.1 billion increased 2%
sequentially due to double-digit sequential revenue growth in both
Argentina and Guyana from higher Reservoir Performance intervention
activity. In addition, Ecuador revenue increased due to higher Well
Construction activity, partially offset by reduced drilling in
Mexico and lower Production Systems revenue in Brazil following
strong sales in the previous quarter.
Europe/CIS/Africa revenue of $1.5 billion increased 16%
sequentially. This significant growth was driven by activity that
strengthened beyond the impact of the seasonal recovery in the
Northern Hemisphere, leading to double-digit sequential growth in
most of the countries in the area. All four Divisions posted
double-digit sequential revenue growth in the area, primarily from
higher activity in digital solutions, stimulation, wireline,
wellbore drilling including measurements, and fluids.
Revenue in the Middle East & Asia of $2.0 billion
increased 4% sequentially. Growth was posted across all countries
in the area except for India, which was impacted by COVID-related
disruption. Double-digit sequential revenue growth was posted in
Qatar, United Arab Emirates (UAE), and East Asia from higher
Reservoir Performance and Well Construction activity. The revenue
growth was driven by higher activity in wireline, intervention,
stimulation, wellbore drilling including measurements, and
fluids.
Results by Division
Digital & Integration
(Stated in millions)
Three Months Ended Change
Jun. 30, 2021 Mar. 31, 2021 Jun. 30, 2020
Sequential
Year-on-year Revenue International
$625
$610
$470
2%
33%
North America
191
161
145
19%
32%
Other
1
2
4
n/m
n/m
$817
$773
$619
6%
32%
Pretax operating income
$274
$247
$108
11%
154%
Pretax operating margin
33.5%
32.0%
17.4%
147 bps
1,606 bps
n/m = not meaningful
Digital & Integration revenue of $817 million increased 6%
sequentially due to strong sales of digital solutions and higher
APS project revenue partially offset by lower sales of multiclient
seismic data licenses. Growth was led by Canada land from higher
APS revenue in addition to higher digital solutions sales in
Europe/CIS/Africa.
Digital & Integration pretax operating margin of 33%
expanded 147 bps sequentially due to increased high-margin digital
solutions sales and improved profitability from APS projects.
Reservoir Performance
(Stated in millions)
Three Months Ended Change
Jun. 30, 2021 Mar. 31, 2021 Jun. 30, 2020
Sequential
Year-on-year Revenue* International
$1,038
$922
$952
13%
9%
North America*
79
78
215
-
-63%
Other
-
2
3
n/m
n/m
$1,117
$1,002
$1,170
12%
-4%
Pretax operating income
$156
$102
$22
52%
609%
Pretax operating margin
13.9%
10.2%
1.9%
373 bps
1,206 bps
*Schlumberger divested its OneStim pressure pumping business
in North America during the fourth quarter of 2020. This business
generated revenue of $140 million during the second quarter of
2020. Excluding the impact of this divestiture, global
second-quarter 2021 revenue increased 8% year-on-year. North
America second-quarter 2021 revenue, excluding the impact of this
divestiture, increased 5% year-on-year. n/m = not meaningful
Reservoir Performance revenue of $1.1 billion increased 12%
sequentially due to higher activity that surpassed the impact of
the seasonal rebound in the Northern Hemisphere, resulting in
double-digit sequential revenue growth internationally. Growth was
driven by seasonal rebound of activity in Russia, China, and Europe
and higher offshore exploration in Guyana and Angola, benefiting
wireline and testing activity. Higher activity was also posted in
Argentina, Qatar, and the UAE.
Reservoir Performance pretax operating margin of 14% expanded
373 bps sequentially. Profitability was boosted by the seasonal
recovery in the Northern Hemisphere, higher offshore and
exploration activity, and favorable technology mix in wireline
activity in Africa and in the Middle East.
Well Construction
(Stated in millions)
Three Months Ended Change
Jun. 30, 2021 Mar. 31, 2021 Jun. 30, 2020
Sequential
Year-on-year Revenue International
$1,708
$1,577
$1,704
8%
-
North America
352
310
331
13%
6%
Other
50
48
54
n/m
n/m
$2,110
$1,935
$2,089
9%
1%
Pretax operating income
$272
$209
$180
30%
51%
Pretax operating margin
12.9%
10.8%
8.6%
209 bps
427 bps
n/m = not meaningful
Well Construction revenue of $2.1 billion increased 9%
sequentially. Stronger North America and international activity
beyond the seasonal rebound in the Northern Hemisphere was
supported by the rig count increase. North America revenue growth
was driven by US land revenue growth of more than 30%, outpacing
the US land rig count increase of 16%, but partially offset by the
decline in Canada land revenue due to the spring breakup.
International growth was led by double-digit growth in Ecuador, the
United Kingdom, Algeria, Angola, Gabon, Nigeria, Russia, Qatar,
Iraq, East Asia, and Australia.
Sequentially, Well Construction pretax operating margin of 13%
improved by 209 bps due to higher drilling activity following the
seasonal recovery in the Northern Hemisphere, higher drilling in US
land, increased volume of activity in Europe & Africa and the
Middle East, and increased higher-margin offshore exploration
activity in Africa.
Production Systems
(Stated in millions)
Three Months Ended Change
Jun. 30, 2021 Mar. 31, 2021 Jun. 30, 2020
Sequential
Year-on-year Revenue* International
$1,220
$1,161
$1,146
5%
6%
North America*
458
420
409
9%
12%
Other
3
9
2
n/m
n/m
$1,681
$1,590
$1,557
6%
8%
Pretax operating income
$171
$138
$145
24%
18%
Pretax operating margin
10.2%
8.7%
9.3%
146 bps
84 bps
*Schlumberger divested its low-flow artificial lift business
in North America during the fourth quarter of 2020. This business
generated revenue of $19 million during the second quarter of 2020.
Excluding the impact of this divestiture, global second-quarter
2021 revenue increased 9% year-on-year. North America
second-quarter revenue, excluding the impact of this divestiture,
increased 17% year-on-year. n/m = not meaningful
Production Systems revenue of $1.7 billion increased 6%
sequentially. The revenue increase was led by double-digit revenue
growth in Russia, the United Kingdom, Norway, Kazakhstan, Turkey,
Algeria, China, Kuwait, Qatar, UAE, and Mexico. US land also posted
double-digit revenue growth on strong sales of surface and well
production systems, outpacing the increase in drilling and
completed well counts. Overall revenue growth was driven by higher
sales of surface, subsea, and well production systems.
Sequentially, Production Systems pretax operating margin of 10%
expanded 146 bps, due to improved profitability from higher sales
of surface, well, and subsea production systems.
Quarterly Highlights
Schlumberger’s technology integration, with deep domain
knowledge and performance differentiation, continues to earn the
confidence of our customers globally. This is reflected in a
considerable pipeline of new contract awards across geographies
that will drive future growth in Well Construction and Reservoir
Performance. Some notable contract awards during the quarter
include:
- In Norway, Equinor ASA awarded Schlumberger an integrated
contract for up to 23 wells in its Breidablikk development in the
North Sea. Schlumberger will supply drilling services, well
construction fluids, cementing, electric wireline logging, and
completions. Due to the complexity of the reservoir and Equinor’s
focus on maximizing the potential of people and assets, the project
will implement digital well planning, automation, and advanced
remote operations. In addition, a cloud-enabled 3D
workflow—developed jointly with Equinor using data from the
GeoSphere HD* reservoir mapping-while-drilling service—will be used
to optimize well placement in real time. The contract also includes
18 PhaseWatcher* subsea multiphase flowmeters from OneSubsea®, with
an option for eight additional units. Work will commence in the
spring of 2022.
- In Iraq, Schlumberger was awarded a contract, valued at USD 480
million, to drill 96 wells in southern Iraq for ExxonMobil, which
operates the giant West Qurna 1 Field owned by Basra Oil Company.
Building on a track record of integrated well construction
performance in Iraq, Schlumberger will drill these wells over a
period of 4.5 years, with well designs varying from laterals
exceeding 2,000 m, upsized big-bore wells, and barefoot
completions. In addition to vast project management experience and
state-of-the-art technologies, Schlumberger digital capabilities
will further enhance overall project execution, supporting
operational safety and optimized drilling efficiency.
- In the Kingdom of Bahrain, Schlumberger has been awarded a
three-year, production enhancement contract—valued at USD 150
million—in the Bahrain Field. This project, which follows a
successful pilot phase, will be conducted jointly with Tatweer
Petroleum and will integrate fit-for-purpose technologies,
including advanced logging and core analysis, extreme
extended-reach drilling, and fracture stimulation techniques, to
unlock the potential of a key reservoir in the field.
- ADNOC Offshore awarded Schlumberger a large, five-year
contract, valued at USD 381 million, for integrated rigless
services for the artificial islands offshore UAE. This is the first
contract awarded by ADNOC to integrate all rigless services,
including high-rate stimulation, production logging, surface
testing, and coiled tubing. Schlumberger will introduce the latest
technologies and high-specification equipment to overcome the
unique challenges of increasing production from extended-reach
laterals.
- Shell has awarded Schlumberger a contract for the provision of
well services including well construction, evaluation, and pumping
for a number of their activities in the Gulf of Mexico, Trinidad,
and West Africa. Under the multiple year contract, a Schlumberger
joint team comprising drilling, evaluation, and completions will
provide integration, reliability, and efficiency improvement
opportunities in Shell deepwater operations using a combination of
unique, fit-for-basin technologies, standard work platforms, and
advanced remote operations.
In the offshore markets, Schlumberger Production Systems is
positioned to benefit significantly from the recovery by leveraging
our subsea technologies, in-country value creation, domain support,
and integration capabilities. This differentiated approach is being
recognized with increasing awards, resulting in a notable step up
in book-to-bill ratio during the quarter. Awards include:
- Petrobras awarded OneSubsea an engineering, procurement,
construction, and installation (EPCI) contract, valued at more than
USD 180 million, for the provision of subsea production systems
equipment and associated services for four development phases of
the deepwater Buzios Field offshore Brazil. The project scope
includes 21 fit-for-purpose vertical subsea trees, controls
systems, and seven subsea power distribution units, as well as
installation, commissioning, and services for the life of field.
The project will be supported by the OneSubsea Brazil Center of
Excellence for Subsea Production Systems (SPS), which will drive
in-country value across both equipment and service scopes. Located
in the pre-salt area of the Santos Basin, Buzios is one of world’s
largest deepwater oil fields.
- Equinor has awarded a large contract to Subsea Integration
Alliance—a non-incorporated strategic global alliance between
Subsea 7 and OneSubsea, the subsea technologies, production, and
processing systems business of Schlumberger—for its project in the
Bacalhau Field, which lies 185 km offshore Brazil in a water depth
of 2,050 m. The SPS development includes 19 subsea trees as well as
associated subsea equipment including, subsea wellheads, subsea
controls and connection systems, and a full completion workover
riser.
- OKEA awarded Subsea Integration Alliance a significant contract
for development of the Hasselmus Field in the southern Norwegian
Sea. The award scope includes EPCI of the SPS—including the
installation of a subsea wellhead, subsea controls, completions
installation system, and completion installation tooling. The
development—which is expected to add more than 4,400 bbl/d of oil
equivalent production at peak—will benefit from the OneSubsea
configurable vertical tree platform and rental tooling suite that
decouples tooling design from rig-specific interfaces, enabling
quicker first oil, which is expected in Q4 2023.
- OneSubsea has been awarded the second contract under the
previously announced 20-year subsea equipment and services master
contract—covering the Gulf of Mexico—with Chevron U.S.A. Inc.
(Chevron). The contract scope includes the supply of four
production trees, a production manifold, flowline connection
system, and subsea controls and distribution. Chevron and OneSubsea
are taking a collaborative approach by leveraging a preapproved
catalog of standard subsea equipment with the goal of increasing
contracting efficiencies and lowering costs, while enhancing subsea
performance.
Schlumberger’s technology innovation continues to unlock
potential for our customers around the world as they increasingly
focus on extracting higher value from their assets. During the
second quarter, Schlumberger new technologies were adopted at an
increasing pace. For example, notable first-time deployments
include:
- In China, Schlumberger deployed the CMR-MagniPHI*
high-definition NMR service for the first time in the country,
completing a logging campaign in Daqing Oilfield on the country’s
biggest shale oil exploration project for PetroChina Company
Limited. CMR-MagniPHI service porosity and fluids mapping data,
combined with FMI-HD* high-definition formation microimager and
Litho Scanner* high-definition spectroscopy service data, enabled
PetroChina to determine the presence of moveable oil, which is key
in shale oil evaluation. As a result, PetroChina was able to book
reserves and will be able to maximize production with a stimulation
plan optimized for the formation.
- In Indonesia, Schlumberger used fiber-optic distributed
acoustic sensing (DAS) technology for the first time in the
country, acquiring high-quality seismic data while saving 20 hours
of deepwater rig time for Eni. Using the unique, high-strength
fiber-optic wireline conveyance, Eni was able to eliminate the need
for a standalone seismic descent by acquiring vertical seismic
profile data during the petrophysics logging run. In addition,
fiber optic technology acquired high-frequency data across the
reservoir section, delivering a higher resolution image while
improving efficiency compared to a conventional seismic solution.
These results provide a higher level of reservoir definition and
improve field appraisal and development plans.
- Offshore Malaysia, Schlumberger installed a ZEiTECS Shuttle*
rigless electrical submersible pump (ESP) replacement system in the
world-first dump flood water injection application to increase
production efficiency for Repsol. This technology—designed for in
situ pumping of water produced from upper aquifer sands downwards
for reservoir pressure support—improves efficiency, reduces
operating cost, and minimizes production deferment from months to
days. By retrieving and redeploying a standard ESP assembly on
wireline using the ZEiTECS Shuttle system, Repsol will be able to
increase production efficiency while significantly reducing
intervention costs and production deferment when compared to
previous installations using either a hydraulic workover unit or a
coiled tubing barge.
In North America, Well Construction technology, market access,
and digital enablement continue to support our broad customer base
to achieve new performance benchmarks across multiple basins. These
benchmark performances include new drilling records, increased
reservoir contact, and higher efficiency. Examples during the
quarter include:
- In the Midland Basin, Oxy and Schlumberger teams collaborated
to achieve a new drilling milestone using Performance Live*
digitally connected service and PowerDrive Orbit* rotary steerable
system, drilling 9,506 ft in a 24-hour period. The drilling of this
lateral section set a new company-wide 24-hour footage record for
any section, and reflects a step change in performance, eclipsing
the previous record by more than 20% while keeping the entire
lateral in the target zone. This achievement was safely
accomplished through cooperation across customer development,
asset, and operations teams and Schlumberger drilling and remote
operations experts.
- In East Texas, Schlumberger delivered the fastest one-mile
curve and lateral production well in KJ Energy history in the
challenging Cotton Valley Formation. One bottomhole assembly
comprising all Schlumberger technology—including PowerDrive Orbit
G2* rotary steerable system, xBolt G2* accelerated drilling
service, and AxeBlade* ridged diamond element bit as a
fit-for-basin solution—remotely drilled the 6.75-in curve and
lateral in 10.6 days with Performance Live digitally connected
service. This performance helped the customer beat their average
performance by 28% and previous well record by 24 hours.
Schlumberger continues to scale its digital platform strategy
with best-in-class partners, removing barriers to adoption, and
providing access to every customer in every basin. Examples from
the quarter include:
- Qatar Petroleum Development Company Limited (Japan), also known
as QPD, awarded Schlumberger a contract for the provision of
on-demand reservoir simulation capabilities covering the
Al-Karkara, A-North, and A-South oil fields offshore Qatar.
Leveraging the DELFI* cognitive E&P environment, QPD will have
access to scalable, cloud-based reservoir simulation resources that
will reduce process runtimes and capital costs by eliminating the
need for additional infrastructure and software licenses to
accommodate peak simulation demand.
- In Malaysia, Schlumberger announced an agreement for
enterprise-scale deployment of advanced digital solutions for
PETRONAS enabled by the DELFI cognitive E&P environment and
integrated with the OSDU™ Data Platform. This agreement follows the
successful deployment of PETRONAS’ LiveFDP program in Malaysia,
which leveraged the DELFI Petrotechnical Suite—Schlumberger’s
collection of digital solutions for petrotechnical workflows—and
the FDPlan* agile field development planning solution. This
deployment enabled PETRONAS’ teams to rapidly generate competitive
development scenarios across multiple data and functional domains,
accelerate its field development planning, and optimize production
performance of its assets.
- Qatar Petroleum (QP) awarded Schlumberger a three-year contract
for the provision of digital real-time drilling optimization
services. Under the contract, real-time drilling data will be sent
from the rig site to QP’s state-of-the-art real-time operations
center, where drilling optimization specialists will visualize
drilling data in real time and automate QP’s drilling and
completions using the latest Schlumberger technology, including the
Techlog* wellbore software platform. This project is a key
milestone in QP’s Intelligent Oil Field program, which aims to
increase production while reducing costs.
Schlumberger’s Transition Technology portfolio of solutions can
help customers decarbonize operations by eliminating flaring,
reducing fugitive emissions, minimizing CO2 footprint, and
expanding electrification. In addition, Schlumberger technology is
increasingly being applied to adjacent, low-carbon and zero-carbon
energy opportunities.
- In West Texas, a Schlumberger CO2 capture technology—the
CYNARA* acid gas removal membrane system—has enabled the separation
of more than 200 megatons of CO2 from natural gas for Kinder
Morgan, one of the largest midstream operators in North America.
Kinder Morgan’s SACROC facility is the world’s first commercial CO2
plant for enhanced oil recovery applications, in which CO2 is
captured for reinjection into producing reservoirs, avoiding gas
flaring and vented emissions. The CYNARA system has a proprietary
membrane design with the most efficient surface area in the market,
which is critical for scaling CO2 separation and capture. This
provides higher efficiency CO2 separation without chemicals,
reducing cost and environmental impact, while delivering a track
record of 99.5% uptime throughout more than 35 years of facility
operations.
- In Russia, Schlumberger helped Rosneft accelerate time to first
production by applying a world-first combination of Ora*
intelligent wireline formation testing platform sampling and deep
transient testing services on wireline with surface testing. This
fit-for-basin approach enabled the Rosneft team to effectively and
efficiently test multizone reservoirs in remote fields, avoiding
more than 7,104 metric tons of CO2 equivalent emissions and
reducing operational time while gathering data to guide faster
field development. This new reservoir testing approach
incorporating the Ora platform enables earlier gas production by
reducing exploration well construction time and optimizing the
field appraisal life cycle.
- Offshore Angola, Eni was able to confirm minimum hydrocarbons
in place and reservoir deliverability in just six weeks on its
first 2021 well without flaring, using a combination of
Schlumberger’s Quanta Geo* photorealistic reservoir geology service
and the deep transient testing capability of the Ora platform.
Compared to traditional methods, this completely eliminated
flaring-related greenhouse gas emissions.
- In the United Kingdom, a Schlumberger high-temperature
geothermal ESP using REDA* pump technology has been deployed for
the proof-of-concept power plant well test of the United Downs Deep
Geothermal Power Project—the first geothermal power plant in the
UK—located in Cornwall. This geothermal ESP technology deployment
is producing heated water which will later be converted by the
power plant into electricity for the grid, while direct heat will
be sent to a new real estate development that will house 10,000
people. The application of REDA pump technology on this project
will help demonstrate the potential of the deep geothermal
resources in the UK to produce both zero-carbon electricity and
heat. REDA Thermal* power-efficient geothermal pumps are engineered
to produce with minimal parasitic power load under challenging well
conditions in geothermal energy systems, addressing increasing
geothermal ESP applications that produce both zero-carbon
electricity and heat worldwide.
Financial Tables
Condensed Consolidated Statement of Income (Loss)
(Stated in millions, except per share amounts)
Second Quarter
Six Months
Periods Ended June 30,
2021
2020
2021
2020
Revenue
$5,634
$5,356
$10,857
$12,811
Interest & other income
16
33
35
72
Expenses Cost of revenue
4,768
4,925
9,274
11,548
Research & engineering
134
142
268
315
General & administrative
70
81
150
208
Impairments & other (1)
-
3,724
-
12,247
Interest
136
144
272
281
Income (loss) before taxes (1)
$542
$(3,627)
$928
$(11,716)
Tax expense (benefit) (1)
99
(199)
173
(920)
Net income (loss) (1)
$443
$(3,428)
$755
$(10,796)
Net income attributable to noncontrolling interests
12
6
25
14
Net income (loss) attributable to Schlumberger (1)
$431
$(3,434)
$730
$(10,810)
Diluted earnings (loss) per share of Schlumberger (1)
$0.30
$(2.47)
$0.51
$(7.79)
Average shares outstanding
1,398
1,388
1,398
1,388
Average shares outstanding assuming dilution
1,421
1,388
1,420
1,388
Depreciation & amortization included in expenses (2)
$526
$604
$1,058
$1,396
(1)
See section entitled “Charges &
Credits” for details.
(2)
Includes depreciation of property, plant
and equipment and amortization of intangible assets, multiclient
seismic data costs, and APS investments.
Condensed Consolidated Balance Sheet
(Stated in millions)
Jun. 30,
Dec. 31,
Assets
2021
2020
Current Assets Cash and short-term investments
$2,682
$3,006
Receivables
5,347
5,247
Inventories
3,267
3,354
Other current assets
781
1,312
12,077
12,919
Investment in affiliated companies
2,035
2,061
Fixed assets
6,473
6,826
Goodwill
12,987
12,980
Intangible assets
3,311
3,455
Other assets
4,025
4,193
$40,908
$42,434
Liabilities and Equity Current Liabilities Accounts payable
and accrued liabilities
$7,635
$8,442
Estimated liability for taxes on income
924
1,015
Short-term borrowings and current portion of long-term debt
36
850
Dividends payable
189
184
8,784
10,491
Long-term debt
15,687
16,036
Postretirement benefits
956
1,049
Other liabilities
2,422
2,369
27,849
29,945
Equity
13,059
12,489
$40,908
$42,434
Liquidity
(Stated in millions) Components of Liquidity Jun. 30,2021 Mar.
31,2021 Dec. 31,2020 Jun. 30,2020 Cash and short-term investments
$2,682
$2,910
$3,006
$3,589
Short-term borrowings and current portion of long-term debt
(36)
(749)
(850)
(603)
Long-term debt
(15,687)
(15,834)
(16,036)
(16,763)
Net Debt (1)
$(13,041)
$(13,673)
$(13,880)
$(13,777)
Details of changes in liquidity follow:
Six
Second
Six
Months
Quarter
Months
Periods Ended June 30,
2021
2021
2020
Net income (loss)
$755
$443
$(10,796)
Charges and credits, net of tax (2)
-
-
11,230
755
443
$434
Depreciation and amortization (3)
1,058
526
1,396
Stock-based compensation expense
156
72
213
Change in working capital
(758)
(303)
(423)
US federal tax refund
477
477
-
Other
(39)
5
(33)
Cash flow from operations (4)
1,649
1,220
1,587
Capital expenditures
(421)
(243)
(658)
APS investments
(188)
(103)
(224)
Multiclient seismic data capitalized
(12)
(5)
(61)
Free cash flow (5)
1,028
869
644
Dividends paid
(349)
(175)
(1,386)
Stock repurchase program
-
-
(26)
Proceeds from employee stock plans
62
-
69
Business acquisitions and investments, net of cash acquired plus
debt assumed
(35)
(22)
(20)
Net proceeds from divestitures
-
-
298
Other
(30)
31
(130)
Change in net debt before impact of changes in foreign exchange
rates
676
703
(551)
Impact of changes in foreign exchange rates on net debt
163
(71)
(99)
Decrease (increase) in Net Debt
839
632
(650)
Net Debt, beginning of period
(13,880)
(13,673)
(13,127)
Net Debt, end of period
$(13,041)
$(13,041)
$(13,777)
(1)
“Net Debt” represents gross debt less cash
and short-term investments. Management believes that Net Debt
provides useful information regarding the level of Schlumberger’s
indebtedness by reflecting cash and investments that could be used
to repay debt. Net Debt is a non-GAAP financial measure that should
be considered in addition to, not as a substitute for or superior
to, total debt.
(2)
See section entitled “Charges &
Credits” for details.
(3)
Includes depreciation of property, plant
and equipment and amortization of intangible assets, multiclient
seismic data costs, and APS investments.
(4)
Includes severance payments of $184
million and $72 million during the six months and second quarter
ended June 30, 2021, respectively; and $426 million and $370
million during the six months and second quarter ended June 30,
2020, respectively.
(5)
“Free cash flow” represents cash flow from
operations less capital expenditures, APS investments, and
multiclient seismic data costs capitalized. Management believes
that free cash flow is an important liquidity measure for the
company and that it is useful to investors and management as a
measure of Schlumberger’s ability to generate cash. Once business
needs and obligations are met, this cash can be used to reinvest in
the company for future growth or to return to shareholders through
dividend payments or share repurchases. Free cash flow does not
represent the residual cash flow available for discretionary
expenditures. Free cash flow is a non-GAAP financial measure that
should be considered in addition to, not as a substitute for or
superior to, cash flow from operations.
Charges & Credits
In addition to financial results determined in accordance with
US generally accepted accounting principles (GAAP), this
second-quarter 2021 earnings release also includes non-GAAP
financial measures (as defined under the SEC’s Regulation G). In
addition to the non-GAAP financial measures discussed under
“Liquidity”, net income (loss), excluding charges & credits, as
well as measures derived from it (including diluted EPS, excluding
charges & credits; Schlumberger net income (loss), excluding
charges & credits; and adjusted EBITDA) are non-GAAP financial
measures. Management believes that the exclusion of charges &
credits from these financial measures enables it to evaluate more
effectively Schlumberger’s operations period over period and to
identify operating trends that could otherwise be masked by the
excluded items. These measures are also used by management as
performance measures in determining certain incentive compensation.
The foregoing non-GAAP financial measures should be considered in
addition to, not as a substitute for or superior to, other measures
of financial performance prepared in accordance with GAAP. The
following is a reconciliation of certain of these non-GAAP measures
to the comparable GAAP measures. For a reconciliation of adjusted
EBITDA to the comparable GAAP measure, please refer to the section
titled “Supplemental Information” (Item 9).
(Stated in millions, except per
share amounts)
Second Quarter 2020 Pretax Tax Noncont.Interests Net
DilutedEPS * Schlumberger net income (GAAP basis)
$(3,627)
$(199)
$6
$(3,434)
$(2.47)
Workforce reductions
1,021
71
-
950
0.68
Asset Performance Solutions investments
730
15
-
715
0.52
Fixed asset impairments
666
52
-
614
0.44
Inventory write-downs
603
49
-
554
0.40
Right-of-use asset impairments
311
67
-
244
0.18
Costs associated with exiting certain activities
205
(25)
-
230
0.17
Multiclient seismic data impairment
156
2
-
154
0.11
Repurchase of bonds
40
2
-
38
0.03
Postretirement benefits curtailment gain
(69)
(16)
-
(53)
(0.04)
Other
61
4
-
57
0.04
Schlumberger net income, excluding charges & credits
$97
$22
$6
$69
$0.05
(Stated in millions, except per
share amounts)
Six Months 2020 Pretax Tax Noncont.Interests Net
DilutedEPS * Schlumberger net income (GAAP basis)
$(11,716)
$(920)
$14
$(10,810)
$(7.79)
Goodwill
3,070
-
-
3,070
2.21
Intangible assets impairments
3,321
815
-
2,506
1.81
Asset Performance Solutions investments
1,994
11
-
1,983
1.43
Workforce reductions
1,223
78
-
1,145
0.82
Fixed asset impairments
666
52
-
614
0.44
Inventory write-downs
603
49
-
554
0.40
North America pressure pumping impairments
587
133
-
454
0.33
Right-of-use asset impairments
311
67
-
244
0.18
Costs associated with exiting certain activities
205
(25)
-
230
0.17
Multiclient seismic data impairment
156
2
-
154
0.11
Repurchase of bonds
40
2
-
38
0.03
Postretirement benefits curtailment gain
(69)
(16)
-
(53)
(0.04)
Other
140
13
-
127
0.09
Valuation allowance
-
(164)
-
164
0.12
Schlumberger net income, excluding charges & credits
$531
$97
$14
$420
$0.30
* Does not add due to rounding.
All Charges & Credits recorded during the first six months
of 2020 were classified in Impairments & other in the
accompanying Condensed Consolidated Statement of Income (Loss).
There were no charges or credits recorded during the first six
months of 2021.
Divisions
Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Jun.
30, 2020
Revenue IncomeBeforeTaxes Revenue
IncomeBeforeTaxes Revenue Income(Loss)BeforeTaxes Digital &
Integration
$817
$274
$773
$247
$619
$108
Reservoir Performance
1,117
156
1,002
102
1,170
22
Well Construction
2,110
272
1,935
209
2,089
180
Production Systems
1,681
171
1,590
138
1,557
145
Eliminations & other
(91)
(66)
(77)
(32)
(79)
(59)
Pretax segment operating income
807
664
396
Corporate & other
(138)
(150)
(169)
Interest income(1)
5
4
7
Interest expense(1)
(132)
(132)
(137)
Charges & credits(2)
-
-
(3,724)
$5,634
$542
$5,223
$386
$5,356
$(3,627)
(Stated in millions)
Six Months Ended Jun. 30,
2021 Jun. 30, 2020
Revenue IncomeBeforeTaxes
Revenue Income(Loss)BeforeTaxes Digital & Integration
$1,590
$521
$1,503
$259
Reservoir Performance
2,119
258
3,139
156
Well Construction
4,045
482
4,904
511
Production Systems
3,271
309
3,469
336
Eliminations & other
(168)
(99)
(204)
(90)
Pretax segment operating income
1,471
1,172
Corporate & other
(288)
(397)
Interest income(1)
9
22
Interest expense(1)
(264)
(266)
Charges & credits(2)
-
(12,247)
$10,857
$928
$12,811
$(11,716)
(1)
Excludes amounts which are included in the
segments’ results.
(2)
See section entitled “Charges &
Credits” for details.
Supplemental Information
1)
What is the capital investment guidance
for the full-year 2021?
Capital investment (comprised of capex,
multiclient, and APS investments) for the full-year 2021 is still
expected to be between $1.5 to $1.7 billion. Capital investment in
2020 was $1.5 billion.
2)
What were cash flow from operations and
free cash flow for the second quarter of 2021?
Cash flow from operations for the second
quarter of 2021 was $1.2 billion and free cash flow was $869
million, despite making $72 million of severance payments during
the quarter. These amounts include a $477 million US federal tax
refund.
3)
What was included in “Interest and
other income” for the second quarter of 2021?
“Interest and other income” for the second
quarter of 2021 was $16 million. This amount consisted of earnings
of equity method investments of $10 million, and interest income of
$6 million.
4)
How did interest income and interest
expense change during the second quarter of 2021?
Interest income of $6 million for the
second quarter of 2021 was essentially flat sequentially. Interest
expense of $136 million was flat sequentially.
5)
What is the difference between
Schlumberger’s consolidated income (loss) before taxes and pretax
segment operating income?
The difference consists of corporate
items, charges and credits, and interest income and interest
expense not allocated to the segments as well as stock-based
compensation expense, amortization expense associated with certain
intangible assets, certain centrally managed initiatives, and other
nonoperating items.
6)
What was the effective tax rate (ETR)
for the second quarter of 2021?
The ETR for the second quarter of 2021 was
18.2% as compared to 19.2% for the first quarter of 2021.
7)
How many shares of common stock were
outstanding as of June 30, 2021 and how did this change from the
end of the previous quarter?
There were 1.398 billion shares of common
stock outstanding as of June 30, 2021 and March 31, 2021.
(Stated in millions) Shares outstanding at March 31, 2021
1,398
Shares issued under employee stock purchase plan
-
Vesting of restricted stock
-
Shares outstanding at June 30, 2021
1,398
8)
What was the weighted average number of
shares outstanding during the second quarter of 2021 and first
quarter of 2021? How does this reconcile to the average number of
shares outstanding, assuming dilution, used in the calculation of
diluted earnings per share?
The weighted average number of shares
outstanding was 1.398 billion during the second quarter of 2021 and
1.398 billion during the first quarter of 2021. The following is a
reconciliation of the weighted average shares outstanding to the
average number of shares outstanding, assuming dilution, used in
the calculation of diluted earnings per share.
(Stated in millions)
Second Quarter2021 First Quarter2021
Weighted average shares outstanding
1,398
1,398
Unvested restricted stock
23
21
Average shares outstanding, assuming dilution
1,421
1,419
9)
What was Schlumberger’s adjusted EBITDA
in the second quarter of 2021, the first quarter of 2021, and the
second quarter of 2020?
Schlumberger’s adjusted EBITDA was $1.198
billion in the second quarter of 2021, $1.049 billion in the first
quarter of 2021, and $838 million in the second quarter of 2020,
and was calculated as follows:
(Stated in millions)
Second Quarter2021 First Quarter2021
Second Quarter2020 Net income (loss) attributable to Schlumberger
$431
$299
$(3,434)
Net income attributable to noncontrolling interests
12
13
6
Tax (benefit) expense
99
74
(199)
Income (loss) before taxes
$542
$386
$(3,627)
Charges & credits
-
-
3,724
Depreciation and amortization
526
532
604
Interest expense
136
136
144
Interest income
(6)
(5)
(7)
Adjusted EBITDA
$1,198
$1,049
$838
Adjusted EBITDA represents income before
taxes excluding charges & credits, depreciation and
amortization, interest expense, and interest income. Management
believes that adjusted EBITDA is an important profitability measure
for Schlumberger and that it allows investors and management to
more efficiently evaluate Schlumberger’s operations period over
period and to identify operating trends that could otherwise be
masked. Adjusted EBITDA is also used by management as a performance
measure in determining certain incentive compensation. Adjusted
EBITDA should be considered in addition to, not as a substitute for
or superior to, other measures of financial performance prepared in
accordance with GAAP.
10)
What were the components of
depreciation and amortization expense for the second quarter of
2021, the first quarter of 2021, and the second quarter of
2020?
The components of depreciation and
amortization expense for the second quarter of 2021, the first
quarter of 2021, and the second quarter of 2020 were as
follows:
(Stated in millions)
Second Quarter2021 First Quarter2021
Second Quarter2020 Depreciation of fixed assets
$352
$355
$417
Amortization of APS investments
77
75
58
Amortization of intangible assets
75
76
80
Amortization of multiclient seismic data costs capitalized
22
26
49
$526
$532
$604
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners
with customers to access energy. Our people, representing over 160
nationalities, are providing leading digital solutions and
deploying innovative technologies to enable performance and
sustainability for the global energy industry. With expertise in
more than 120 countries, we collaborate to create technology that
unlocks access to energy for the benefit of all.
Find out more at www.slb.com
*Mark of Schlumberger or a Schlumberger company.
Other company, product, and service names are the properties of
their respective owners.
Notes
Schlumberger will hold a conference call to discuss the earnings
press release and business outlook on Friday, July 23, 2021. The
call is scheduled to begin at 9:30 a.m. US Eastern Time. To access
the call, which is open to the public, please contact the
conference call operator at +1 (844) 721-7241 within North America,
or +1 (409) 207-6955 outside North America, approximately 10
minutes prior to the call’s scheduled start time, and provide the
access code 8858313. At the conclusion of the conference call, an
audio replay will be available until August 23, 2021 by dialing +1
(866) 207-1041 within North America, or +1 (402) 970-0847 outside
North America, and providing the access code 6752598. The
conference call will be webcast simultaneously at
www.slb.com/irwebcast on a listen-only basis. A replay of the
webcast will also be available at the same website until August 23,
2021.
This second-quarter 2021 earnings release, as well as other
statements we make, contain “forward-looking statements” within the
meaning of the federal securities laws, which include any
statements that are not historical facts. Such statements often
contain words such as “expect,” “may,” “can,” “believe,” “predict,”
“plan,” “potential,” “projected,” “projections,” “forecast,”
“estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,”
“think,” “should,” “could,” “would,” “will,” “see,” “likely,” and
other similar words. Forward-looking statements address matters
that are, to varying degrees, uncertain, such as statements about
our financial and performance targets and other forecasts or
expectations regarding, or dependent on, our business outlook;
growth for Schlumberger as a whole and for each of its Divisions
(and for specified business lines, geographic areas, or
technologies within each Division); oil and natural gas demand and
production growth; oil and natural gas prices; forecasts or
expectations regarding the energy transition and global climate
change; improvements in operating procedures and technology;
capital expenditures by Schlumberger and the oil and gas industry;
our business strategies, including digital and “fit for basin,” as
well as the strategies of our customers; our effective tax rate;
our APS projects, joint ventures, and other alliances; our response
to, and preparedness for, the COVID-19 pandemic and other
widespread health emergencies; access to raw materials; future
global economic and geopolitical conditions; future liquidity; and
future results of operations, such as margin levels. These
statements are subject to risks and uncertainties, including, but
not limited to, changing global economic conditions; changes in
exploration and production spending by Schlumberger’s customers,
and changes in the level of oil and natural gas exploration and
development; the results of operations and financial condition of
Schlumberger’s customers and suppliers; Schlumberger’s inability to
achieve its financial and performance targets and other forecasts
and expectations; Schlumberger’s inability to achieve net-zero
carbon emissions goals or interim emissions reduction goals;
general economic, geopolitical, and business conditions in key
regions of the world; foreign currency risk; pricing pressure;
weather and seasonal factors; unfavorable effects of health
pandemics; availability and cost of raw materials; operational
modifications, delays, or cancellations; challenges in
Schlumberger’s supply chain; production declines; Schlumberger’s
inability to recognize efficiencies and other intended benefits
from its business strategies and initiatives, such as digital or
Schlumberger New Energy; as well as its restructuring and
structural cost reduction plans; changes in government regulations
and regulatory requirements, including those related to offshore
oil and gas exploration, radioactive sources, explosives,
chemicals, and climate-related initiatives; the inability of
technology to meet new challenges in exploration; the
competitiveness of alternative energy sources or product
substitutes; and other risks and uncertainties detailed in this
second-quarter 2021 earnings release and our most recent Forms
10-K, 10-Q, and 8-K filed with or furnished to the Securities and
Exchange Commission. If one or more of these or other risks or
uncertainties materialize (or the consequences of any such
development changes), or should our underlying assumptions prove
incorrect, actual outcomes may vary materially from those reflected
in our forward-looking statements. Statements in this
second-quarter earnings release are made as of the date of this
release, and Schlumberger disclaims any intention or obligation to
update publicly or revise such statements, whether as a result of
new information, future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210723005204/en/
Ndubuisi Maduemezia – Vice President of Investor Relations,
Schlumberger Limited Joy V. Domingo – Director of Investor
Relations, Schlumberger Limited Office +1 (713) 375-3535
investor-relations@slb.com
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