Q2 2020 Earnings Release, with Financial Tables (328 KB PDF) April 24, 2020 . Repsol announced a significant discovery just days after the survey. Up to 90 staff of OneSubsea, a … Average benefits with 6% matching 401K (good luck making it to fully vested status). 6) What was the effective tax rate (ETR) for the second quarter of 2020 and what is the guidance on the ETR going forward? As a next step, ExxonMobil and Schlumberger have finalized an enabling agreement for the deployment of DrillOps* on-target well delivery solution in ExxonMobil’s unconventional operations. 13) What was the book-to-bill ratio for Cameron’s long-cycle businesses? This amount consisted of earnings of equity method investments of $26 million and interest income of $7 million. “North America revenue declined 48% sequentially with land revenue falling 60% as customers dramatically cut back spending. The call is scheduled to begin at 8:30 a.m. OneSubsea, headquartered in Houston, has sites in the UK, Canada, Indonesia, Romania and Bangladesh. However, any further material COVID-19 disruption or significant setback in oil demand arising from a slower economic recovery could present downside risks to this outlook. A cut in headcount of around 300 staff is anticipated across the firm’s global operations. They have embraced digital remote operations, adjusted work practices to mitigate contamination risks, and delivered benchmark safety and service quality performance for our customers. International margin declined also, albeit less severely, driven by the drop in APS revenue in Ecuador and the reduction of Well Services activity. (To view PDF files, get Adobe Acrobat Reader.). 2) What were the cash flow from operations and free cash flow for the second quarter of 2020? Rocking around the subsea (Christmas) tree, Oil falls with virus mutation raising lockdown risks, North-east SNP MPs call for meeting with business secretary over sector deal, Balmoral weathering pandemic storm in its 40th anniversary year. Through our decisive actions, we protected our liquidity and cash positions, and sustained resilient international margins while navigating the trough of this downcycle. Some of the technologies include ACTive* real-time downhole coiled tubing services, OpenPath Reach* extended-contact stimulation service, and OpenPath Sequence* diversion stimulation service. As the pandemic lingers, we will remain cautious in our global operations. Daily Job Cuts / Layoffs - Your source for daily economy updates on recent Job Layoffs 2020 / 2019 , Job Losses, Layoff News, Store Closings 2020, Bankruptcy, Business and Economic News Pros . This was due to our swift and decisive actions to reduce operating costs, restructure, and rationalize our asset base. Field Specialist (Former Employee) - USA - June 4, 2020 Schlumberger has changed so much in 10 years. Remote collaboration between the Repsol and Schlumberger teams in town and at the wellsite enabled the efficient deployment of the Ora platform, which secured pure fluid samples at multiple depths in the unconsolidated formation. Cameron pretax operating margin of 8% declined by 180 bps sequentially, posting a 17% decremental operating margin. This second-quarter 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 product lines (and for specified products or geographic areas within each product line); 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; access to raw materials; improvements in operating procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger and Schlumberger’s customers; Schlumberger’s digital strategy; Schlumberger’s restructuring efforts and charges recorded as a result of such efforts; our effective tax rate; Schlumberger’s APS projects, joint ventures, and alliances; future global economic and geopolitical conditions; and future results of operations. In Malaysia, the SpectraSphere* fluid mapping-while-drilling technology has helped add value to PETRONAS brownfield assets. The Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high-quality deep transient testing on wireline—without flaring—to prove economic producibility. AP; July 25, 2020, 08:13 IST Capex is expected to be approximately $1.1 billion in 2020 as compared to $1.7 billion in 2019. Includes a $42 million increase to the allowance for the doubtful accounts. That facility was slated to lay off its employees in June and July. Reservoir Characterization pretax operating margin of 18% rebounded 357 bps sequentially despite the significant revenue decline. 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 4013483. The contract includes four years of operations and maintenance support with an optional one-year extension. July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and o Relates to assets under operating leases associated with leased facilities Schlumberger is exiting and excess equipment. Schlumberger is leading the industry in the development of Digital solutions to increase performance in drilling and reservoir characterization. On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020. ‘You’re with your offshore family instead’ – what’s it like spending Christmas day at sea? The packages will be delivered in 2022 and include NATCO DUAL FREQUENCY* electrostatic treaters, CYNARA* acid gas removal membrane systems, VORTOIL* deoiling hydrocyclones, and EPCON Dual* compact flotation units. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. SpectraSphere technology was successfully deployed in two field rejuvenation campaigns in the Temana and Dulang Fields, offshore Malaysia. 9) What was the unamortized balance of Schlumberger’s investment in APS projects at June 30, 2020? “In the face of such adversity, Schlumberger has demonstrated resilience. 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. 37. Performing Together. Deploying these solutions in the current challenging industry environment can help customers maintain business continuity and improve their teams' performance worldwide. The margin contraction was primarily in North America, while international margin was resilient and flat sequentially. June 15, 2020: Forbes : In a sign of the times, Cold ZOOM – Call Firings are now common: … “The conditions are set in the third quarter for a modest frac completion activity increase in North America, though from a very low base. APS investments will be about $300 million in 2020 as compared to $781 million in 2019. The components of depreciation and amortization expense for the second quarter of 2020 and first quarter of 2020 were as follows: 11) What was the amount of WesternGeco multiclient sales in the second quarter of 2020? In addition, sales in North America land of Surface Systems, Artificial Lift Solutions, and Valves & Process Systems decreased sequentially. A week after Baker Hughes Co. announced the layoff of more than 200 workers at its Oklahoma City operations, the company said it would lay off more than 180 people in Houston where it is headquartered. Revenue in the North Middle East and Saudi Arabia & Bahrain GeoMarkets declined less due to new projects. North America and international revenues declined 62% and 26%, respectively. Statements in this second-quarter 2020 earnings release are made as of July 24, 2020, 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. In the Gulf of Mexico, Schlumberger used the Ora* intelligent wireline formation testing platform to characterize a complex reservoir in a deepwater exploration well for Repsol. Schlumberger launches digital service for remote wellsite operations control optimisation Tuesday, 30 June 2020 10:30 The Performance Live service provides customers with instant access to data and collaboration with domain experts, enabling faster, more informed decision making for directional drilling, well logging, formation testing and other oil and gas operations. Consolidated revenue in the Middle East & Asia area of $2.1 billion decreased 12% sequentially, primarily due to a significant drop in activity in the Eastern Middle East and South East Asia GeoMarkets from work delays, project suspensions, and completed contracts. I would like to extend my heartfelt appreciation for their dedication and sacrifices while working in a difficult operating environment, and for their leadership in helping the communities where we live and work. The GAIA* digital subsurface platform enables customers to securely and instantly access multidomain, evergreen E&P data as a subscription from a growing number of content providers. Schlumberger Ltd., the world’s largest oil-field services company, cut about 21,000 The margin contraction was primarily due to reduced profitability in North America, impacting Surface Systems and Valves & Process Systems margins, while international margin expanded sequentially due to OneSubsea and Drilling Systems. *These are non-GAAP financial measures. Thank you for signing up to our newsletter. North America and international revenues declined 33% and 7%, respectively. Final decisions on job losses will be made in June. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. All Rights Reserved. Internationally, markets may continue to be disrupted by the pandemic and will continue to adjust to budget levels set during the second quarter, but this would be mostly offset by the seasonal return of activity in the Northern Hemisphere and the rebound of Latin America from its second-quarter weakness. The margin decline was due to reduced profitability in North America land from the dramatic fall in activity, which mostly impacted the OneStim margin. Working 80-110 hour work weeks is exhausting. In addition, significant progress was also made in improving the results of previously underperforming business units and digital technology adoption has increased. Drilling activity in Russia & Central Asia, however, was resilient as COVID-19 disruption was offset by seasonal pickup in Russia land activity in preparation for the summer drilling campaigns. © Energy Voice 2020. Here's How Schlumberger Will Cut $1.5B in Costs Every Year - June … Schlumberger layoffs hit Cameron Drilling in Moore. Free cash flow for the second quarter of 2020 was $465 million, despite making $370 million of severance payments during the quarter. “In response to market conditions, we recorded $3.7 billion of pretax restructuring and asset impairment charges, including $1 billion of severance costs, as of the end of the quarter. “This has probably been the most challenging quarter in past decades. The Europe-based company with U.S. headquarters in Houston hinted earlier in the week that layoffs might occur and now an Oklahoma subsidiary, Cameron Drilling announced employee terminations will begin in June and July. the 8,500 layoffs the company planned in July.viii These layoffs reflect the company’s plan to cut costs by $2 billion in 2020.ix Raytheon’s job cuts were announced after the Fed started buying the company’s bonds in June. Outperformance was delivered by prompt cost reduction measures in compensation through headcount rationalization and furloughs, particularly in SIS, WesternGeco, and Wireline. In contrast, Mexico and Brazil declined less severely as reduced land activity was partially offset by offshore exploration operations, where work continued with COVID-19 risk-mitigation protocols. 5) What is the difference between Schlumberger’s consolidated income (loss) before taxes and pretax segment operating income? Represents the write-down of inventory to its net realizable value. The contract, valued at USD 143 million, includes subsea trees, an integrated boosting and manifold system, a unified control system, an integrated power-control umbilical, a virtual flow metering solution, and estimated services. 10) What are the components of depreciation and amortization expense for the second quarter of 2020 and the first quarter of 2020? The WesternGeco backlog, which is based on signed contracts with customers, was $248 million at the end of the second quarter of 2020. We have taken the long-term view in restructuring our company—aligning with our customers’ workflows, empowering a lean and responsive organization, and accelerating the execution of our performance strategy, with capital stewardship, fit-for-basin, and digital as key attributes of success. Certain prior period amounts have been reclassified to conform to the current period presentation. However, subsequent waves of potential COVID-19 resurgence pose a negative risk to this outlook. GAIA Xchange marketplace brings together global content providers and consumers on a single, open platform. “Looking at the macro view in the near-term, oil demand is slowly starting to normalize and is expected to improve as government measures support consumption. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. In the Gulf of Mexico, secure remote capabilities delivered by OneSubsea helped BP keep the Mad Dog 2 project on schedule. DPR is adopting Schlumberger digital technologies in alignment with its commitment to promoting Nigeria’s oil and gas assets online to a global audience in a secure digital environment. Joy V. Domingo – Director of Investor Relations, Schlumberger Limited I worked at Schlumberger full-time for more than a year. For more information, visit www.slb.com. This margin expansion was evident both in North America and internationally. There were 1.388 billion shares of common stock outstanding as of June 30, 2020 and March 31, 2020. Something went wrong - please try again later. The Russia & Central Asia GeoMarket was resilient as COVID-19 activity disruption was offset by the pickup of seasonal land activity in Russia, in preparation for the summer drilling campaigns. The solution uses the Petrel* E&P software platform to improve subsurface insight and to identify bypassed reserves. “By business segment sequentially, second-quarter revenue for Reservoir Characterization and Drilling fell 20% and 24%, respectively. Relates to the carrying value of certain APS projects in Latin America. Drilling revenue of $1.7 billion, 82% of which came from the international markets, decreased 24% sequentially. GAIA Xchange marketplace has mulitple E&P content providers who can showcase, manage, and deliver their data immediately to prospective buyers. Box 115509 Juneau, Alaska 99811-5509 Email: kimberly.kolvig@alaska.gov RE: Notice of Layoffs: Schlumberger Technology Corporation – Amended June 17, 2020 Dear Ms. Kolvig: This letter is to inform you that … Consolidated revenue in the Latin America area of $543 million decreased 42% sequentially, primarily due to a production interruption in our APS projects in Ecuador. 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. It is thought OneSubsea’s offshore division in Portlethen employs around 130 workers. Scores of workers are facing redundancy at a subsea equipment firm in Aberdeenshire following a drop off in work. The agreement includes an online digital solution to support the bid round delivered by Schlumberger via software as a service (SaaS). The increasing number of horizontal wells undertaken by CNPC each year has made the differentiated technology of the ThruBit services platform essential to their reservoir evaluation strategy. North America and international revenues declined 17% and 20%, respectively. “Our employees and contractors have shown outstanding adaptability to the new working environment with up to 55,000 of our people working remotely to maintain business continuity. The results of our actions and continued success with technology—particularly digital—can be seen from our decremental margins and our strong free cash flow generation. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… Prompt cost reduction measures through headcount rationalization, furloughs, and lower manufacturing costs contributed to the international margin expansion. What were the orders and backlog for Cameron’s OneSubsea and Drilling Systems businesses? Excluding charges and credits, the ETR for the second quarter of 2020 was 22.6% as compared to 17.2% for the first quarter of 2020. In addition, there was a production interruption in our Asset Performance Solutions (APS) projects in Ecuador caused by a major land slide that led to the rupture of the main pipeline. North America offshore revenue decreased less severely, 12% sequentially. The OneSubsea and Drilling Systems orders and backlog were as follows: 14) What are the components of the $3.7 billion of charges recorded during the second quarter of 2020? Schlumberger CEO Olivier Le Peuch commented, “First-quarter revenue of $7.5 billion declined 9% sequentially and 5% year-on-year as the unprecedented global health and economic crisis sparked by the COVID-19 pandemic increasingly impacted industry activity during the quarter. After already furloughing employees, modifying work schedules, and voluntarily cutting executive salaries, Schlumberger is cutting jobs in Houston and shutting down two facilities in Texas. This speaks volumes about an industry confronted with historic oil demand and supply imbalances caused by demand destruction from the global COVID-19 containment effort. Williams & Williams is conducting the auctions along with Lee & Associates Commercial Real Estate Services. Revenue in the Far East Asia GeoMarket was essentially flat as project delays were offset by the seasonal rebound and resumption of activity after the lifting of COVID-19 lockdowns in China. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of its 4.200% Notes due 2021. They don’t care about their employees anymore only company profitability. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. The technology developed by Schlumberger Drilling & Measurements eliminated fluid uncertainty in untapped fault blocks while mitigating operational risks. Click below to get started. Absent these risks, we anticipate flat sequential revenue on a global basis and our pretax segment operating income and margin should expand as a result of our restructuring efforts, improved activity mix, and sustained benefits from technology adoption, including digital. The vast majority of this charge is expected to be paid during the second half of 2020. Elle fut fondée en France sous le nom de « Société de prospection électrique » en 1926 par deux Alsaciens, les frères Conrad et Marcel Schlumberger, grâce à leurs idées innovantes pour détecter différents types de roches par conductivité électrique. APS revenue was also down by nearly 50% due primarily to a significant production interruption in Ecuador. 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? Schlumberger (SLB) is reportedly looking to augment the use of automation and digital technologies in its field activities. Capital investment (comprised of capex, multiclient, and APS investments) for the full year 2020 is expected to be approximately $1.5 billion, which is approximately 45% lower than 2019. Kuwait Oil Company awarded Schlumberger a five-year contract with an optional one-year extension valued at USD 320 million for the provision of coiled tubing and stimulation services. WesternGeco® revenue declined as a project was completed in the Middle East, while Software Integrated Solutions (SIS) revenue declined slightly as well. Schlumberger slashes 21,000 jobs amid pandemic oil rout. 4) How did interest income and interest expense change during the second quarter of 2020? The North America decline was driven by lower Surface Systems and Valves & Process Systems revenues while international activity decline was mainly due to lower Drilling Systems sales. Join us October 27. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of its 4.200% Notes due 2021. Chevron has chosen to conduct layoffs to try … Production revenue of $1.6 billion, 75% of which came from the international markets, declined 40% sequentially. Revenue also declined less in the North Sea and Continental Europe, following the winter slowdown and as activity resumed later in the quarter after COVID-19 lockdowns were relaxed. Interest income of $7 million for the second quarter of 2020 decreased $8 million sequentially. “Interest and other income” for the second quarter of 2020 was $33 million. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of … Severance is associated with reducing Schlumberger’s workforce by more than 21,000 employees. I am extremely optimistic about the future of Schlumberger, building on the strength of our international franchise and positioning the company as the performance partner of choice for our customers in the new industry landscape.”. The approach will use a combination of automated, traditional domain workflows and workflows driven by machine learning and AI to rapidly provide insights into development strategies for optimizing production across the life cycle of the assets. *Mark of Schlumberger or Schlumberger companies. Cons. As announced last quarter, Schlumberger and ExxonMobil are jointly working on the deployment of digital drilling solutions around planning, execution, and continuous improvement through learning. 8) What was the weighted average number of shares outstanding during the second quarter of 2020 and first quarter of 2020? Adversity, Schlumberger has demonstrated resilience rejuvenation campaigns in the UK,,! 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