- Fourth-quarter worldwide revenue of $5.5 billion increased 5%
sequentially
- Fourth-quarter GAAP EPS, including charges and credits, was
$0.27
- Fourth-quarter EPS, excluding charges and credits, of $0.22
increased 37% sequentially
- Fourth-quarter cash flow from operations was $878 million and
free cash flow was $554 million
- Quarterly cash dividend of $0.125 per share approved
Regulatory News:
Schlumberger Limited (NYSE: SLB) today reported results for the
fourth-quarter and full-year 2020.
Fourth-Quarter Results (Stated in millions, except per share
amounts)
Three Months Ended Change Dec. 31,
2020 Sept. 30, 2020 Dec. 31, 2019
Sequential
Year-on-year Revenue
$5,532
$5,258
$8,228
5%
-33%
Income (loss) before taxes - GAAP basis
$471
$(54)
$452
n/m
4%
Net income (loss) - GAAP basis
$374
$(82)
$333
n/m
12%
Diluted EPS (loss per share) - GAAP basis
$0.27
$(0.06)
$0.24
n/m
12%
Adjusted EBITDA*
$1,112
$1,018
$1,648
9%
-33%
Adjusted EBITDA margin*
20.1%
19.4%
20.0%
73 bps
6 bps
Pretax segment operating income*
$654
$575
$1,006
14%
-35%
Pretax segment operating margin*
11.8%
10.9%
12.2%
90 bps
-40 bps
Net income, excluding charges & credits*
$309
$228
$545
35%
-43%
Diluted EPS, excluding charges & credits*
$0.22
$0.16
$0.39
37%
-44%
Revenue by Geography
International
$4,343
$4,210
$5,834
3%
-26%
North America
1,167
1,034
2,339
13%
-50%
Other
22
14
55
n/m
n/m
$5,532
$5,258
$8,228
5%
-33%
*These are non-GAAP financial measures.
See sections titled "Charges & Credits", "Divisions",
"Geographical", and "Supplemental Information" for details.
n/m = not meaningful
Schlumberger CEO Olivier Le Peuch commented, “We concluded the
year posting very strong fourth-quarter results, as we leveraged
the industry recovery, which has now commenced. Fourth-quarter
revenue grew 5% sequentially, driven by strong activity and solid
execution both in North America and in the international markets.
Despite seasonality, revenue grew sequentially in all four
Divisions for the first time since the third quarter of 2019. I
stand very proudly behind the performance of the entire
Schlumberger team during the quarter, closing an exceptional year
of operational resilience and performance for our customers.
“Sequentially, international revenue growth visibly outpaced rig
count and was led by Latin America and a global rebound of activity
in most offshore deepwater markets. In the Middle East & Asia,
growth was mostly in China, India, and Oman while Saudi Arabia
remained resilient. In Europe/CIS/Africa, activity increased
significantly in the offshore markets of Africa and several
countries in Europe offset by the seasonal winter slowdown in
Russia. In North America, offshore activity in the US Gulf of
Mexico grew, and on land, increased horizontal drilling and
pressure pumping activity contributed to higher revenue.
(Stated in millions)
Three Months Ended Change
Dec. 31, 2020 Sept. 30, 2020 Dec. 31, 2019
Sequential
Year-on-year Revenue by Division Digital &
Integration
$833
$740
$1,112
13%
-25%
Reservoir Performance
1,247
1,215
2,122
3%
-41%
Well Construction
1,866
1,835
3,009
2%
-38%
Production Systems
1,649
1,532
2,131
8%
-23%
Other
(63)
(64)
(146)
n/m
n/m
$5,532
$5,258
$8,228
5%
-33%
Pretax Operating Income by Division
Digital & Integration
$270
$202
$259
33%
4%
Reservoir Performance
95
103
227
-8%
-58%
Well Construction
183
172
373
6%
-51%
Production Systems
155
132
206
18%
-24%
Other
(49)
(34)
(59)
n/m
n/m
$654
$575
$1,006
14%
-35%
Pretax Operating Margin by Division
Digital & Integration
32.4%
27.3%
23.2%
507 bps
914 bps
Reservoir Performance
7.6%
8.4%
10.7%
-84 bps
-307 bps
Well Construction
9.8%
9.4%
12.4%
42 bps
-261 bps
Production Systems
9.4%
8.6%
9.6%
82 bps
-23 bps
Other
n/m
n/m
n/m
n/m
n/m
11.8%
10.9%
12.2%
90 bps
-39 bps
n/m = not meaningful
“Digital & Integration revenue increased 13% sequentially
driven by Asset Performance Solutions (APS) projects, increased
multiclient seismic license sales, and higher digital solutions and
software sales internationally. Reservoir Performance and Well
Construction revenue increased 3% and 2%, respectively, due to
higher activity in North America, Latin America, and in Middle East
& Asia partially offset by the seasonal winter slowdown in
Russia. Production Systems revenue increased 8% sequentially and
grew in North America and internationally.
“Sequentially, fourth-quarter pretax operating income and
adjusted EBITDA increased 14% and 9%, respectively. Pretax
operating income margin and adjusted EBITDA margin expanded to
reach 12% and 20%, respectively, achieving the same level as the
fourth quarter of 2019 despite a 33% decline in revenue
year-on-year. Sequentially, incremental EBITDA margin was 34%,
demonstrating the ability of our new Divisions to enhance operating
leverage, fully preparing us for the growth cycle ahead.
“Fourth-quarter cash flow from operations was $878 million and
free cash flow was $554 million despite severance payments of $144
million. We are confident in our ability to further improve cash
flow generation in 2021, which will allow for debt reduction.
“Regarding the macro outlook, oil prices have risen, buoyed by
recent supply-led OPEC+ policy, the ongoing COVID-19 vaccine
rollout, and multinational economic stimulus actions—driving
optimism for an oil demand recovery throughout 2021. We believe
this sets the stage for oil demand to recover to 2019 levels no
later than 2023, or earlier as per recent industry analysts’
reports, reinforcing a multiyear cycle recovery as the global
economy strengthens. Absent a setback in these macro assumptions,
this will translate to meaningful activity increases both in North
America and internationally.
“In North America, spending and activity momentum will continue
in the first half of 2021 towards maintenance levels, albeit
moderated by capital discipline and industry consolidation.
Internationally, following the seasonal effects of the first
quarter of 2021, and as OPEC+ responds to strengthening oil demand,
higher spending is expected from the second quarter of 2021
onwards. Accelerated activity will extend beyond the short-cycle
markets and will be broad, including offshore, as witnessed during
the fourth quarter.
“The quality of our results in the fourth quarter of 2020
validates the progress of our performance strategy and the
reinvention of Schlumberger in this new chapter for the industry.
Building from the swift execution and scale of our cost-out
program, we exited the year with quarterly margins reset to 2019
levels as the upcycle begins. On the back of our high-graded and
restructured business portfolio, we see a clear path to achieve
double-digit margins in North America and visible international
margin improvement in 2021. Given the depth, diversity, and
executional capability of our international business, we are
uniquely positioned to benefit as international spending
accelerates in the near- and midterm.
“By leveraging our new Basin and Division structure, we are
fully set to capitalize on the growth drivers of the future of our
industry, particularly as we accelerate our digital growth ambition
and lead in the production and recovery market. Finally, to meet
our long-term ambition to bring lower carbon and carbon-neutral
energy sources and technology to market, we are visibly expanding
our New Energy portfolio, to contribute to the transformation of a
more resilient, sustainable, and investable energy services
industry.”
Other Events
On December 31, 2020, Schlumberger closed the contribution to
Liberty Oilfield Services Inc. (Liberty) of OneStim®,
Schlumberger’s onshore hydraulic fracturing business in the United
States and Canada, including its pressure pumping, pumpdown
perforating, and Permian frac sand businesses, in exchange for a
37% equity interest in Liberty.
On January 21, 2021, Schlumberger’s Board of Directors approved
a quarterly cash dividend of $0.125 per share of outstanding common
stock, payable on April 8, 2021 to stockholders of record on
February 17, 2021.
Revenue by Geographical Area (Stated in millions)
Three
Months Ended Change Dec. 31, 2020 Sept. 30, 2020
Dec. 31, 2019
Sequential Year-on-year North America
$1,167
$1,034
$2,339
13%
-50%
Latin America
969
828
1,142
17%
-15%
Europe/CIS/Africa
1,366
1,397
2,018
-2%
-32%
Middle East & Asia
2,008
1,985
2,674
1%
-25%
Other
22
14
55
n/m
n/m
$5,532
$5,258
$8,228
5%
-33%
n/m = not meaningful
Certain prior period amounts have been
reclassified to conform to the current period presentation.
North America
North America area revenue of $1.2 billion increased 13%
sequentially with strong growth both on land and offshore. Land
revenue increased driven by Well Construction activity on higher
rig count and OneStim activity through additional fleet
redeployments. Offshore revenue grew due to higher sales of subsea
production systems and year-end multiclient seismic licenses.
International
Revenue in the Latin America area of $969 million
increased 17% sequentially with continued strength in Ecuador,
Colombia, offshore Brazil, Guyana, and Argentina. Ecuador revenue
increased on APS projects, higher sales of well production systems,
increased intervention services, and a rebound in drilling
activity. Revenue increased in Colombia from drilling project
startups, in Brazil from the resumption of offshore drilling and
sales of production systems, in Guyana from increased intervention
and stimulation activity, and in Argentina from higher drilling
activity.
Europe/CIS/Africa area revenue of $1.4 billion decreased
2% sequentially mainly due to the seasonal winter activity slowdown
in Russia & Central Asia while activity increased significantly
in Angola, Nigeria, Gabon, and several countries in Europe. Revenue
increased in Angola from drilling project startups, in Scandinavia
from increased sales of subsea and well production systems, in
Gabon and Nigeria from new project startups, and in Mozambique from
multiclient seismic license sales. Significant digital solutions
and software sales were made in Russia, Scandinavia, Romania,
Ukraine, and Turkey.
Revenue in the Middle East & Asia area of $2.0
billion increased 1% sequentially. Revenue growth was mainly in
China, India, and Oman, partially offset by declines in Egypt, East
Asia, and Kuwait. Revenue in China increased from sales of
production systems and digital solutions and higher drilling and
measurement activity. Production Systems sales drove growth in
India and Oman but declined in Egypt, East Asia, and Kuwait.
Revenue in Saudi Arabia was resilient as reduced stimulation,
logging, and drilling activity was offset by higher sales of
production systems. Qatar revenue was also resilient as reduced
stimulation activity was offset by higher drilling activity.
Results by Division
Digital & Integration
(Stated in millions)
Three Months Ended Change
Dec. 31, 2020 Sept. 30, 2020 Dec. 31, 2019
Sequential
Year-on-year Revenue
$833
$740
$1,112
13%
-25%
Pretax operating income
$270
$202
$259
33%
4%
Pretax operating margin
32.4%
27.3%
23.2%
507 bps
914 bps
Digital & Integration revenue of $833 million, 83% of which
came from the international markets, increased 13% sequentially.
International revenue increased by 14% and North America revenue
increased by 6% sequentially. Digital & Integration revenue
increased from APS projects, increased multiclient seismic license
sales in Mozambique, US land, and the US Gulf of Mexico, and higher
digital solutions and software sales internationally.
Digital & Integration pretax operating margin of 32%
expanded by 507 bps sequentially. The margin expansion was
primarily in the international markets and was driven by improved
profitability across APS projects, digital solutions, and
multiclient seismic license sales from higher activity.
Reservoir Performance
(Stated in millions)
Three Months Ended Change
Dec. 31, 2020 Sept. 30, 2020 Dec. 31, 2019
Sequential
Year-on-year Revenue
$1,247
$1,215
$2,122
3%
-41%
Pretax operating income
$95
$103
$227
-8%
-58%
Pretax operating margin
7.6%
8.4%
10.7%
-84 bps
-307 bps
Reservoir Performance revenue of $1.2 billion, 73% of which came
from the international markets, increased 3% sequentially.
International revenue declined 3% while North America revenue
increased 23% sequentially. The revenue increase was driven by
higher OneStim activity in North America, higher intervention
services from project startups in Ecuador and Colombia, and
increased intervention and stimulation activity in Guyana. This
increase, however, was partially offset by seasonality in Russia
and reduced stimulation, intervention, and evaluation activity in
Saudi Arabia and Qatar.
Reservoir Performance pretax operating margin of 8% decreased 84
bps sequentially driven by seasonality in Russia despite improved
North American activity.
Well Construction
(Stated in millions)
Three Months Ended Change
Dec. 31, 2020 Sept. 30, 2020 Dec. 31, 2019
Sequential
Year-on-year Revenue
$1,866
$1,835
$3,009
2%
-38%
Pretax operating income
$183
$172
$373
6%
-51%
Pretax operating margin
9.8%
9.4%
12.4%
42 bps
-261 bps
Well Construction revenue of $1.9 billion, 84% of which came
from the international markets, increased 2% sequentially.
International and North America revenue increased 1% and 7%,
respectively. The revenue increase was due to higher measurement,
drilling, and fluids activity in North America, Latin America, and
the Middle East & Asia, partially offset by seasonality in
Russia. The North America revenue increase was driven by higher rig
count on land while the Latin America revenue growth was due to the
resumption of drilling in Ecuador, offshore Brazil, Guyana, and
Argentina, and from project startups in Colombia. The revenue
increase in Africa was a result of project startups in Angola,
Gabon, and Nigeria, while the Middle East & Asia growth was
driven by higher drilling activity in China and Qatar.
Sequentially, Well Construction pretax operating margin of 10%
improved by 42 bps. North America margin improved due to higher
drilling activity on land while international margin was
essentially flat.
Production Systems
(Stated in millions)
Three Months Ended Change
Dec. 31, 2020 Sept. 30, 2020 Dec. 31, 2019
Sequential
Year-on-year Revenue
$1,649
$1,532
$2,131
8%
-23%
Pretax operating income
$155
$132
$206
18%
-24%
Pretax operating margin
9.4%
8.6%
9.6%
82 bps
-23 bps
Production Systems revenue of $1.6 billion, 74% of which came
from the international markets, increased 8% sequentially.
International and North America revenue increased 7% and 11%,
respectively, due to higher subsea, midstream, and surface
production systems sales and services activity across all areas.
Revenue increased in subsea production systems in North America,
Scandinavia, Nigeria, Angola, China, and India. Revenue increased
in surface production systems in North America, Argentina, Saudi
Arabia, and Iraq. Midstream production systems sales increased in
Brazil, Mexico, Saudi Arabia, Oman, and North Africa.
Production Systems pretax operating margin of 9% increased by 82
bps sequentially due to a higher contribution from the long-cycle
business of subsea, and profitability improvement in well and
surface production systems due to cost reduction measures and
higher activity.
Quarterly Highlights
The recovery cycle has begun, digital adoption is accelerating,
and sanctioned projects are commencing on land and offshore, while
others are approaching FID. In this improving environment,
Schlumberger continues to win multiyear contract awards,
particularly internationally. Awards during the quarter
include:
- Schlumberger and OMV have signed a five-year contract—valued at
up to USD 160 million—to deploy AI and digital solutions, enabled
by the DELFI* cognitive E&P environment, across OMV’s entire
enterprise. The OMV upstream subsurface team has already simulated
200 model realizations more than 70% faster using AI-enhanced
workflows in the DELFI environment and planned eight wells in the
time it would normally take to plan one using the DrillPlan*
coherent well construction planning solution. Following this
agreement, the two companies will collaborate to enhance
efficiencies across OMV’s global operations, leveraging precise
reservoir knowledge to accelerate both well and field development
planning.
- OneSubsea was awarded a contract by Petrobras to provide subsea
production systems equipment, installation and commissioning, and
intervention services for the Mero 3 project 180 km offshore Rio de
Janeiro in the Libra Block. The Mero 3 subsea production systems
scope encompasses 12 vertical subsea trees designed for Mero Field
technical requirements and four subsea distribution units, spare
parts, and related services. The subsea trees will be connected to
an FPSO designed to produce 180,000 bbl/d.
- Kuwait Oil Company (KOC) awarded Schlumberger a large
seven-year, performance-based contract, covering the installation
of up to 1,650 electric submersible pumps (ESPs) over the period.
This award comes as KOC seeks to improve long-term production from
its maturing fields, for which ESP technology is ideally
suited.
The new industry landscape demands increased discipline in
capital investment and maximum efficiencies in production and
recovery. Schlumberger creates and deploys technology and processes
to help customers increase value from their existing assets by
enhancing production and boosting recovery. Examples from the
quarter include:
- In Libya, Schlumberger won an integrated 100-well project and
has reactivated and enhanced production from the first group of 35
wells, helping Arabian Gulf Oil Company (AGOCO) achieve its
production increase objectives. Teams spanning our portfolio are
collaborating on the project, which includes front-end engineering,
candidate selection, and intervention execution on shut-in wells.
The group of wells delivered to AGOCO is now generating double the
daily oil production and 45% less water compared with their
performance prior to being shut in.
- In Indonesia, Schlumberger successfully deployed ACTive*
real-time downhole coiled tubing services and CIRP* completion
insertion and removal under pressure equipment for the first time
in the country to perforate 800 ft of net interval in one trip for
Pertamina EP Cepu. The rigless intervention solutions enabled an
effective completion method with minimum intervention runs and
accurate depth placement on high-rate gas wells. This is also the
first Schlumberger worldwide application for ACTive DTS*
distributed temperature measurement and inversion analysis on a
live well flowing 60 MMscf/d of gas with 8,000 ppm H2S and 25% CO2.
This project is considered a key milestone for the country and is
expected to produce gas from Jambaran-Tiung Biru Field with average
raw gas production of 315 MMscf/d from six wells by Q4 2021.
- In Libya, Schlumberger completed the conversion of 24 wells
from gas lift to ESPs for Sirte Oil Company, enabling them to
exceed 2020 production targets within budget. Prior to installing
the ESPs, a combination of technology—including the RAZOR BACK*
casing cleaning tool, MAGNOSTAR* high-capacity magnet, and the USI*
ultrasonic imager—were used to prepare and inspect the casing.
Continuous monitoring using Lift IQ* production life cycle
management service minimized downtime, maximized production, and
reduced total operating cost across all 24 wells, contributing to
the completion of the project—which resulted in 20,000 bbl/d of
incremental production—ahead of schedule.
Our fit-for-basin approach as part of our performance strategy
is helping operators address their challenges and extend their
technical limits. Through innovative technology adapted for local
geological context, business models tailored to regional dynamics,
and enhanced in-country value, Schlumberger is at the forefront of
basin innovation to deliver a step change in performance for our
customers. Examples from the quarter include:
- In Argentina, YPF S.A. worked closely with Schlumberger to
drill the first pad of superlateral wells through the
unconventional Vaca Muerta Formation. The addition of NeoSteer*
at-bit steerable systems to comprehensive reservoir management and
characterization led to the successful drilling of extended-reach
laterals to lengths beyond 3,887 m, enabling access to a
million-barrel oil reserve that would have otherwise been
unmonetizable. The NeoSteer CL* curve and lateral at-bit steerable
system delivered the longer, smoother laterals YPF required.
- In Malaysia, TruLink* definitive dynamic survey-while-drilling
service technology was deployed in three wells for PETRONAS
Carigali, offshore Sarawak. TruLink service technology incorporates
continuous six-axis surveys—a cutting-edge replacement for
conventional, static six-axis measurements while drilling. Using
definitive dynamic surveying technology has enabled the PETRONAS
drilling team to eliminate up to a day of rig time per well while
delivering a step change in wellbore positional certainty.
As the industry continues to embrace digital transformation, we
are working with customers and domain experts to develop and apply
novel AI and machine learning solutions, made available on our
digital platform, to create a step change in process
efficiency.
- In the United Arab Emirates, Schlumberger, AIQ, and Group 42
(G42) have signed a strategic agreement to collaborate on the
development and deployment of AI, machine learning, and data
solutions for the global exploration and production (E&P)
market. G42, a leading AI and cloud computing company in the
region, have created a joint venture with the Abu Dhabi National
Oil Company (ADNOC) to create AIQ. The three companies will
leverage their combined domain knowledge in digital technology,
high-performance computing, and cloud storage capabilities to
accelerate digital transformation within the global energy industry
and unlock new levels of efficiency.
A diverse range of customers continue to adopt Schlumberger
digital technologies across several geographies and use cases, from
increasing enterprisewide performance to advancing national energy
strategy, with the aim to improve asset efficiency, operational
cost, and performance.
- PETRONAS will work with Schlumberger to deploy an intelligent
data platform and digital solutions enabled by the DELFI cognitive
E&P environment. This deployment will enable users to rapidly
assess multiple development scenarios at scale against diverse
market conditions, driving down field development costs and
improving investment decisions.
- In Brazil, Enauta, a leading domestic offshore exploration
company, became one of a growing number of midsize companies to
adopt the Schlumberger DELFI cognitive E&P environment for
their digital journey. The scalable, open, and collaborative DELFI
environment will enable Enauta to achieve improved efficiency,
accuracy, and cross-domain integration.
The application of our digital solutions also extends beyond our
core industry and will support customers actively participating in
the energy transition.
- In the Netherlands, Energie Beheer Nederland (EBN B.V.), a
company established by the Dutch Ministry of Economic Affairs and
Climate Policy, has selected the DELFI cognitive E&P
environment to support the implementation of the nation’s energy
transition strategy. The Netherlands intends to lead Continental
Europe in carbon capture and storage while it continues to develop
renewable and sustainable energy sources such as geothermal energy.
The cloud-based DELFI environment and SaaS model will provide
flexibility while being robust enough to manage the scale and
complexity of the subsurface solutions required to achieve these
objectives across a portfolio of energy sources.
Decarbonization is not only a necessity, but a tremendous
opportunity for Schlumberger, where we can leverage our
intellectual and business capital consistent with our commitment to
being at the forefront of our industry’s shift toward more
sustainable energy production. Schlumberger New Energy focuses on
low-carbon and carbon-neutral energy technologies. The portfolio
build-out continues to gain momentum, accelerating throughout
2020.
- In the hydrogen domain, Schlumberger New Energy, the French
Alternative Energies and Atomic Energy Commission (CEA) and
partners obtained approval from the European Commission to form
Genvia™, a clean hydrogen production technology venture. In a
unique private-public partnership model, Genvia combines the
expertise and experience of Schlumberger with CEA, and partners.
The new venture will accelerate the development and the first
industrial deployment of the CEA high-temperature reversible
solid-oxide electrolyzer technology. The aim of the venture is to
deliver the most efficient and cost-effective technology for
producing clean hydrogen, a versatile energy carrier and key
component of the energy transition.
- In the geo-energy domain, Celsius Energy, a Schlumberger New
Energy venture, began heating the Schlumberger Technology Center in
Clamart, France, with the first installation of its novel solution
for heating and cooling buildings. CO2 footprint is reduced
considerably while maintaining thermal comfort in the facility
using geo-energy from the subsurface through a proprietary small
footprint network of 10 shallow wells combined with a heat exchange
system. An automated digital platform is set up to control
temperature and optimize energy in this 3,000-square-meter building
throughout the year.
Financial Tables
Condensed Consolidated
Statement of Income (Loss)
(Stated in millions, except per
share amounts)
Fourth Quarter
Twelve Months
Periods Ended December 31,
2020
2019
2020
2019
Revenue
$5,532
$8,228
$23,601
$32,917
Interest & other income (1)
69
25
163
86
Gains on sales of businesses (1)
104
247
104
247
Expenses Cost of revenue
4,828
7,127
21,000
28,720
Research & engineering
129
190
580
717
General & administrative
71
129
365
474
Impairments & other (1)
62
456
12,658
13,148
Interest
144
146
563
609
Income (loss) before taxes (1)
$471
$452
$(11,298)
$(10,418)
Tax (benefit) expense (1)
89
109
(812)
(311)
Net income (loss) (1)
$382
$343
$(10,486)
$(10,107)
Net income attributable to noncontrolling interests
8
10
32
30
Net income (loss) attributable to Schlumberger (1)
$374
$333
$(10,518)
$(10,137)
Diluted earnings (loss) per share of Schlumberger (1)
$0.27
$0.24
$(7.57)
$(7.32)
Average shares outstanding
1,392
1,384
1,390
1,385
Average shares outstanding assuming dilution
1,411
1,396
1,390
1,385
Depreciation & amortization included in expenses (2)
$583
$848
$2,566
$3,589
(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)
Dec. 31,
Dec. 31,
Assets
2020
2019
Current Assets Cash and short-term investments
$3,006
$2,167
Receivables
5,247
7,747
Other current assets
4,666
5,616
12,919
15,530
Fixed assets
6,826
9,270
Multiclient seismic data
317
568
Goodwill
12,980
16,042
Intangible assets
3,455
7,089
Other assets
6,072
7,813
$42,569
$56,312
Liabilities and Equity Current Liabilities Accounts payable
and accrued liabilities
$8,442
$10,663
Estimated liability for taxes on income
1,015
1,209
Short-term borrowings and current portion of long-term debt
850
524
Dividends payable
184
702
10,491
13,098
Long-term debt
16,036
14,770
Deferred taxes
19
491
Postretirement benefits
1,049
967
Other liabilities
2,485
2,810
30,080
32,136
Equity
12,489
24,176
$42,569
$56,312
Liquidity
(Stated in millions)
Components of Liquidity Dec. 31,2020 Sept. 30,2020 Dec. 31,2019
Cash and short-term investments
$3,006
$3,837
$2,167
Short-term borrowings and current portion of long-term debt
(850)
(1,292)
(524)
Long-term debt
(16,036)
(16,471)
(14,770)
Net Debt (1)
$(13,880)
$(13,926)
$(13,127)
Details of changes in liquidity follow:
Twelve
Fourth
Twelve
Months
Quarter
Months
Periods Ended December 31,
2020
2020
2019
Net income (loss)
$(10,486)
$382
$(10,107)
Charges and credits, net of tax (2)
11,474
(65)
12,191
988
317
$2,084
Depreciation and amortization (3)
2,566
583
3,589
Stock-based compensation expense
397
79
405
Change in working capital
(833)
(11)
(551)
Other
(174)
(90)
(96)
Cash flow from operations (4)
2,944
878
5,431
Capital expenditures
(1,116)
(258)
(1,724)
APS investments
(303)
(51)
(781)
Multiclient seismic data capitalized
(101)
(15)
(231)
Free cash flow (5)
1,424
554
2,695
Dividends paid
(1,734)
(174)
(2,769)
Stock repurchase program
(26)
-
(278)
Proceed from employee stock plans
-
-
219
Business acquisitions and investments, net of cash acquired plus
debt assumed
(33)
-
(23)
Net proceeds from divestitures and formation of Sensia
434
109
586
Repayment of finance lease obligations
(188)
(188)
-
Other
(35)
(32)
(204)
Change in net debt before impact of changes in foreign exchange
rates on net debt
(158)
269
226
Impact of changes in foreign exchange rates on net debt
(595)
(223)
(79)
Increase in Net Debt
(753)
46
147
Net Debt, beginning of period
(13,127)
(13,926)
(13,274)
Net Debt, end of period
$(13,880)
$(13,880)
$(13,127)
(1)
“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’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 $843
million and $144 million during the twelve months and fourth
quarter ended December 31, 2020, respectively; and $128 million and
$24 million during the twelve months and fourth quarter ended
December 31, 2019, 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
fourth-quarter and full-year 2020 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; effective tax rate, 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 12).
Fourth Quarter 2020 Pretax Tax Noncont.Interests Net
DilutedEPS Schlumberger net income (GAAP basis)
$471
$89
$8
$374
$0.27
Gain on sale of OneStim (1)
(104)
(11)
-
(93)
(0.07)
Unrealized gain on marketable securities
(2)
(39)
(9)
-
(30)
(0.02)
Other
62
4
-
58
0.04
Schlumberger net income, excluding charges & credits
$390
$73
$8
$309
$0.22
Third Quarter 2020 Pretax Tax Noncont.Interests Net
DilutedEPS Schlumberger net loss (GAAP basis)
$(54)
$19
$9
$(82)
$(0.06)
Facility exit charges
254
39
-
215
0.15
Workforce reductions
63
-
-
63
0.05
Other
33
1
-
32
0.02
Schlumberger net income, excluding charges & credits
$296
$59
$9
$228
$0.16
Fourth Quarter 2019 Pretax Tax Noncont.Interests Net
DilutedEPS * Schlumberger net income (GAAP basis)
$452
$109
$10
$333
$0.24
North America restructuring
225
51
-
174
0.12
Other restructuring
104
(33)
-
137
0.10
Workforce reduction
68
8
-
60
0.04
Pension settlement
37
8
-
29
0.02
Repurchase of bonds
22
5
-
17
0.01
Gain on formation of Sensia joint venture (1)
(247)
(42)
-
(205)
(0.15)
Schlumberger net income, excluding charges & credits
$661
$106
$10
$545
$0.39
(Stated in millions, except per
share amounts)
Twelve Months 2020
Pretax
Tax
Noncont. Interests
Net
Diluted EPS
Schlumberger net loss (GAAP basis)
$(11,298)
$(812)
$32
$(10,518)
$(7.57)
Fourth quarter: Gain on sale of OneStim (1)
(104)
(11)
-
(93)
(0.07)
Unrealized gain on marketable securities (2)
(39)
(9)
-
(30)
(0.02)
Other
62
4
-
58
0.04
Third quarter: Facility exit charges
254
39
-
215
0.15
Workforce reductions
63
-
-
63
0.05
Other
33
1
-
32
0.02
Second quarter:
-
-
Workforce reductions
1,021
71
-
950
0.68
APS investments
730
15
-
715
0.51
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
60
4
-
56
0.04
First quarter: Goodwill
3,070
-
-
3,070
2.21
Intangible assets
3,321
815
-
2,506
1.80
APS investments
1,264
(4)
-
1,268
0.91
North America pressure pumping
587
133
-
454
0.33
Workforce reductions
202
7
-
195
0.14
Other
79
9
-
70
0.05
Valuation allowance
-
(164)
-
164
0.12
Schlumberger net income, excluding charges & credits
$1,217
$229
$32
$956
$0.68
(Stated in millions, except per
share amounts)
Twelve Months 2019
Pretax
Tax
Noncont. Interest
Net
Diluted EPS *
Schlumberger net loss (GAAP basis)
$(10,418)
$(311)
$30
$(10,137)
($7.32)
Fourth quarter: North America restructuring
225
51
-
174
0.13
Other restructuring
104
(33)
-
137
0.10
Workforce reduction
68
8
-
60
0.04
Pension settlement
37
8
-
29
0.02
Repurchase of bonds
22
5
-
17
0.01
Gain on formation of Sensia (2)
(247)
(42)
-
(205)
(0.15)
Third quarter: Goodwill
8,828
43
-
8,785
6.34
North America pressure pumping
1,575
344
-
1,231
0.89
Intangible Assets
1,085
248
-
837
0.60
Other North America-related
310
53
-
257
0.19
Asset Performance Solutions
294
-
-
294
0.21
Equity-method investments
231
12
-
219
0.16
Argentina
127
-
-
127
0.09
Other
242
13
-
229
0.17
Schlumberger net income, excluding charges & credits
$2,483
$399
$30
$2,054
$1.47
*
Does not add due to rounding.
(1)
Classified in Gain on sales of businesses
in the Condensed Consolidated Statement of Income (Loss).
(2)
Classified in Interest & other income
in the Condensed Consolidated Statement of Income (Loss).
Unless otherwise noted, all Charges &
Credits are classified in Impairments & other in the Condensed
Consolidated Statement of Income(Loss).
Divisions
(Stated in millions)
Three Months Ended
Dec. 31, 2020
Sept. 30, 2020
Dec. 31, 2019
Revenue
Income Before Taxes
Revenue
Income (Loss) Before Taxes
Revenue
Income Before Taxes
Digital & Integration
$833
$270
$740
$202
$1,112
$259
Reservoir Performance
1,247
95
1,215
103
2,122
227
Well Construction
1,866
183
1,835
172
3,009
373
Production Systems
1,649
155
1,532
132
2,131
206
Eliminations & other
(63)
(49)
(64)
(34)
(146)
(59)
Pretax segment operating income
654
575
1,006
Corporate & other
(132)
(151)
(215)
Interest income(1)
5
3
8
Interest expense(1)
(137)
(131)
(138)
Charges & credits(2)
81
(350)
(209)
$5,532
$471
$5,258
$(54)
$8,228
$452
(Stated in millions)
Full Year 2020 Revenue Income (Loss)Before
Taxes Depreciation andAmortization (3) Net
InterestExpense (4) AdjustedEBITDA (5)
CapitalInvestments (6) Digital & Integration
$3,076
$731
$615
$13
$1,359
$413
Reservoir Performance
5,602
353
549
11
913
384
Well Construction
8,605
866
580
1
1,447
420
Production Systems
6,650
623
338
-
961
240
Eliminations & other
(332)
(172)
276
2
106
63
2,401
2,358
27
4,786
1,520
Corporate & Other
(681)
208
(473)
Interest income (1)
31
Interest expense (1)
(534)
Charges & credits (2)
(12,515)
$23,601
$(11,298)
$2,566
$27
$4,313
$1,520
(Stated in millions)
Full Year 2019 Revenue Income (Loss)Before
Taxes Depreciation andAmortization (3) Net
InterestExpense(4) AdjustedEBITDA (5)
CapitalInvestments (6) Digital & Integration
$4,145
$882
$1,069
$19
$1,970
$1,020
Reservoir Performance
9,299
992
807
13
1,812
569
Well Construction
11,880
1,429
656
-
2,085
650
Production Systems
8,167
847
390
(1)
1,236
384
Eliminations & other
(574)
(172)
250
(1)
77
113
3,978
3,172
30
7,180
2,736
Corporate & Other
(957)
417
(540)
Interest income (1)
33
Interest expense (1)
(571)
Charges & credits (2)
(12,901)
$32,917
$(10,418)
$3,589
$30
$6,640
$2,736
(1)
Excludes amounts which are included in the
segments’ results.
(2)
See section entitled “Charges &
Credits” for details.
(3)
Includes depreciation of property, plant
and equipment and amortization of intangible assets, APS
investments and multiclient data seismic costs.
(4)
Excludes interest income and expense
recorded at the corporate level.
(5)
Adjusted EBITDA represents income (loss)
before taxes excluding depreciation and amortization, interest
income, interest expense, and charges & credits.
(6)
Capital investments includes capital
expenditures, APS investments, and multiclient seismic data costs
capitalized.
Geographical
(Stated in millions)
Full Year 2020 Revenue Income (Loss)Before
Taxes Depreciation andAmortization (3) Net
InterestExpense (4) AdjustedEBITDA (5) International
$18,002
$2,658
$1,613
$4
$4,275
North America
5,478
102
499
21
622
Eliminations & other
121
(359)
246
2
(111)
2,401
2,358
27
4,786
Corporate & Other
(681)
208
(473)
Interest income (1)
31
Interest expense (1)
(534)
Charges & credits (2)
(12,515)
$23,601
$(11,298)
$2,566
$27
$4,313
(Stated in millions)
Full Year 2019 Revenue Income (Loss)Before
Taxes Depreciation andAmortization (3) Net
InterestExpense (4) AdjustedEBITDA (5) International
$22,242
$3,645
$2,004
$7
$5,656
North America
10,446
526
955
22
1,503
Eliminations & other
229
(193)
213
1
21
3,978
3,172
30
7,180
Corporate & Other
(957)
417
(540)
Interest income (1)
33
Interest expense (1)
(571)
Charges & credits (2)
(12,901)
$32,917
$(10,418)
$3,589
$30
$6,640
(1)
Excludes amounts which are included in the
segments’ results.
(2)
See section entitled “Charges &
Credits” for details.
(3)
Includes depreciation of property, plant
and equipment and amortization of intangible assets, APS
investments, and multiclient data seismic costs.
(4)
Excludes interest income and expense
recorded at the corporate level.
(5)
Adjusted EBITDA represents income (loss)
before taxes excluding depreciation and amortization, interest
income, interest expense, and charges & credits.
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
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 fourth quarter of 2020?
Cash flow from operations for the fourth
quarter of 2020 was $878 million and free cash flow was $554
million, despite making $144 million of severance payments during
the quarter.
(3)
What were the cash flow from operations
and free cash flow for the full year of 2020?
Cash flow from operations for the full
year of 2020 was $2.9 billion. Free cash flow for the full year of
2020 was $1.4 billion, despite making $843 million of severance
payments during the year.
(4)
What was included in “Interest and
other income” for the fourth quarter of 2020?
“Interest and other income” for the fourth
quarter of 2020 was $69 million. This amount consisted of an
unrealized gain on marketable securities of $39 million (see
section “Charges & Credits”), earnings of equity method
investments of $25 million, and interest income of $5 million.
(5)
How did interest income and interest
expense change during the fourth quarter of 2020?
Interest income of $5 million for the
fourth quarter of 2020 increased $2 million sequentially. Interest
expense of $144 million increased $6 million sequentially.
(6)
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.
(7)
What was the effective tax rate (ETR)
for the fourth quarter of 2020?
The ETR for the fourth quarter of 2020,
calculated in accordance with GAAP, was 18.9% as compared to –35.1%
for the third quarter of 2020. Excluding charges and credits, the
ETR for the fourth quarter of 2020 was 18.8% as compared to 19.9%
for the third quarter of 2020.
(8)
How many shares of common stock were
outstanding as of December 31, 2020 and how did this change from
the end of the previous quarter?
There were 1.392 billion shares of common
stock outstanding as of December 31, 2020 and 1.392 billion as of
September 30, 2020.
(Stated in millions) Shares outstanding at September 30, 2020
1,392
Vesting of restricted stock
-
Shares outstanding at December 31, 2020
1,392
(9)
What was the weighted average number of
shares outstanding during the fourth quarter of 2020 and third
quarter of 2020? How does this reconcile to the average number of
shares outstanding, assuming dilution, used in the calculation of
diluted earnings per share, excluding charges and credits?
The weighted average number of shares
outstanding was 1.392 billion during the fourth quarter of 2020 and
1.391 billion during the third quarter of 2020. 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, excluding charges
and credits.
(Stated in millions)
Fourth Quarter2020 Third Quarter2020
Weighted average shares outstanding
1,392
1,391
Unvested restricted stock
19
18
Average shares outstanding, assuming dilution
1,411
1,409
(10)
What are the components of depreciation
and amortization expense for the fourth quarter of 2020 and the
third quarter of 2020?
The components of depreciation and
amortization expense for the fourth quarter of 2020 and third
quarter of 2020 were as follows:
(Stated in millions)
Fourth Quarter2020 Third Quarter2020
Depreciation of fixed assets
$374
$385
Amortization of APS investments
88
87
Amortization of intangible assets
79
79
Amortization of multiclient seismic data costs capitalized
42
36
$583
$587
(11)
What was the amount of WesternGeco
multiclient sales in the fourth quarter of 2020?
Multiclient sales, including transfer
fees, were $61 million in the fourth quarter of 2020 and $44
million in the third quarter of 2020.
(12)
What was Schlumberger’s adjusted EBITDA
in the fourth quarter of 2020, the third quarter of 2020, the
fourth quarter of 2019, full-year 2020, and full-year 2019?
Schlumberger’s adjusted EBITDA was $1.112
billion in the fourth quarter of 2020, $1.018 billion in the third
quarter of 2020, and $1.648 billion in the fourth quarter of 2019,
and was calculated as follows:
(Stated in millions)
Fourth Quarter 2020
Third Quarter 2020
Fourth Quarter 2019
Net income (loss) attributable to Schlumberger
$374
$(82)
$333
Net income attributable to noncontrolling interests
$8
9
10
Tax expense
$89
19
109
Income (loss) before taxes
$471
$(54)
$452
Charges & credits
(81)
350
209
Depreciation and amortization
583
587
848
Interest expense
144
138
146
Interest income
(5)
(3)
(7)
Adjusted EBITDA
$1,112
$1,018
$1,648
Schlumberger’s adjusted EBITDA was $4.313 billion in full-year
2020 and $6.640 billion in full-year 2019, and was calculated as
follows:
(Stated in millions)
2020
2019
Net loss attributable to Schlumberger
$(10,518)
$(10,137)
Net income attributable to noncontrolling interests
32
30
Tax benefit expense
(812)
(311)
Loss before taxes
$(11,298)
$(10,418)
Charges & credits
12,515
12,901
Depreciation and amortization
2,566
3,589
Interest expense
563
609
Interest income
(33)
(41)
Adjusted EBITDA
$4,313
$6,640
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.
(13)
What are the components of the net
pretax charges & credits recorded during the fourth quarter of
2020?
The component of the net pretax charges
& credits are as follows (in millions):
Gain on sale of OneStim(a)
($104)
Unrealized gain on marketable securities(b)
(39)
Other(c)
62
($81)
(a)
On December 31, 2020, Schlumberger
contributed its onshore hydraulic fracturing business in the United
States and Canada (OneStim), including its pressure pumping,
pumpdown perforating, and Permian frac sand business, to Liberty
Oilfield Services, Inc. (Liberty) in exchange for a 37% interest in
Liberty. As a result of this transaction, Schlumberger recorded a
gain of $104 million. This gain is classified in Gains on sales of
businesses in the Condensed Consolidated Statement of Income
(Loss).
(b)
During the fourth quarter of 2020, a
start-up company that Schlumberger previously invested in completed
an initial public offering. As a result, Schlumberger recognized an
unrealized gain of $39 million to increase the carrying value of
this investment to its fair value. This unrealized gain is
reflected in Interest & other income in the Condensed
Consolidated Statement of Income (Loss).
(c)
During the fourth quarter of 2020,
Schlumberger entered into an agreement to purchase new software
licenses. This transaction rendered certain previously purchased
licenses obsolete. As a result, Schlumberger wrote off the
remaining $61 million of net book value associated with the
obsolete software licenses. This charge is reflected in Impairments
& other in the Condensed Consolidated Statement of Income
(Loss).
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 Schlumberger companies.
Notes
Schlumberger will hold a conference call to discuss the earnings
press release and business outlook on Friday, January 22, 2021. The
call is scheduled to begin at 8:30 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 2660129. At the conclusion of the conference call, an
audio replay will be available until February 22, 2021 by dialing
+1 (866) 207-1041 within North America, or +1 (402) 970-0847
outside North America, and providing the access code 5881344. 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 February
22, 2021.
This fourth-quarter and full-year 2020 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 as our forecasts
or expectations regarding business outlook; growth for Schlumberger
as a whole and for each of its Divisions (and for specified
business lines or geographic areas within each Division); oil and
natural gas demand and production growth; oil and natural gas
prices; pricing; Schlumberger’s response to, and preparedness for,
the COVID-19 pandemic and other widespread health emergencies;
improvements in operating procedures and technology; capital
expenditures by Schlumberger and the oil and gas industry; the
business strategies of Schlumberger, including digital and “fit for
basin,” as well as the strategies of Schlumberger’s customers;
Schlumberger’s restructuring efforts and charges recorded as a
result of such efforts; access to raw materials; our effective tax
rate; Schlumberger’s APS projects, joint ventures and other
alliances; 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,
particularly during extended periods of low prices for crude oil
and natural gas; Schlumberger’s inability to achieve its financial
and performance targets and other forecasts and expectations;
Schlumberger’s inability to sufficiently monetize assets; the
extent of future charges; 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 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, hydraulic fracturing services, 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 fourth-quarter and full-year 2020 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
fourth-quarter and full-year 2020 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210122005183/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