Attached files
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| 8-K - FORM 8-K - SCHLUMBERGER LIMITED/NV | d469041d8k.htm |
| EX-99.1 - PRESS RELEASE - SCHLUMBERGER LIMITED/NV | d469041dex991.htm |
Exhibit 99.2
Fourth-Quarter 2012 Results—Supplemental Information
| 1) | What were multiclient sales in the fourth quarter of 2012? |
Multiclient sales, including transfer fees, were $289 million in the fourth quarter of 2012.
| 2) | What was the WesternGeco backlog at the end of the fourth quarter of 2012? |
WesternGeco backlog, which is based on signed contracts with customers, was $977 million at the end of the fourth quarter of 2012.
| 3) | What were the Schlumberger pretax and after-tax returns-on-sales from continuing operations for the fourth quarter of 2012, excluding charges and credits? |
The Schlumberger pretax return on sales from continuing operations, excluding charges and credits, was 17.0% for the fourth quarter of 2012 and 17.8% for the third quarter of 2012.
The Schlumberger after-tax return on sales from continuing operations, excluding charges and credits, was 12.9% for the fourth quarter of 2012 versus 13.6% for the third quarter of 2012.
| 4) | What was the Schlumberger Net Debt† at the end of the fourth quarter of 2012? |
Net debt was $5.1 billion at December 31, 2012—a $1.1 billion improvement as compared to the end of the previous quarter.
Liquidity during the quarter was used primarily for capital expenditures of $1.5 billion partially offset by working capital improvement of $848 million.
| † | Net Debt represents gross debt less cash, short-term investments and fixed income investments, held to maturity. |
| 5) | What was included in “Interest and other income, net” for the fourth quarter of 2012? |
“Interest and other income, net” for the fourth quarter of 2012 consisted of the following:
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| Equity in net earnings of affiliated companies |
$ | 30 | ||
| Interest Income |
5 | |||
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| $ | 35 | |||
| 6) | How did interest income and interest expense change during the fourth quarter of 2012? |
Interest income of $5 million declined $2 million sequentially. Interest expense of $93 million was up 5 million sequentially.
| 7) | Why was there a difference between the consolidated Schlumberger pretax income and the total pretax income of Oilfield Services? |
The difference consisted of such items as corporate expenses and interest income and interest expense not allocated to the segments, as well as interest on postretirement medical benefits, stock-based compensation expense and the amortization expense associated with intangible assets recorded in connection with the Smith acquisition.
| 8) | What was the effective tax rate (ETR), excluding charges and credits, for the fourth quarter of 2012? |
The ETR for the fourth quarter of 2012 was 23.8% and in the prior quarter was 23.6%, excluding charges and credits in both periods.
| 9) | What is the capex guidance for the full year 2013? |
Schlumberger capex is expected to be $3.9 billion for 2013. Capex in 2012 was $4.7 billion.
Non-GAAP Financial Measures
In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this document also includes non-GAAP financial measures (as defined under SEC Regulation G). The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures:
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| Fourth Quarter 2012 | ||||||||||||||||||||
| Pretax | Tax | Noncont. Interest |
Net | Diluted EPS |
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| Schlumberger income from continuing operations, as reported |
$ | 1,807 | $ | 436 | $ | 9 | $ | 1,362 | $ | 1.02 | ||||||||||
| Merger and integration costs |
60 | 10 | — | 50 | 0.04 | |||||||||||||||
| Workforce reduction |
33 | 6 | — | 27 | 0.02 | |||||||||||||||
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| Schlumberger income from continuing operations, excluding charges & credits |
$ | 1,900 | $ | 452 | $ | 9 | $ | 1,439 | $ | 1.08 | ||||||||||
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| Third Quarter 2012 | ||||||||||||||||||||
| Pretax | Tax | Noncont. Interest |
Net | Diluted EPS |
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| Schlumberger income from continuing operations, as reported |
$ | 1,857 | $ | 442 | $ | 3 | $ | 1,412 | $ | 1.06 | ||||||||||
| Merger and integration costs |
32 | 4 | — | 28 | 0.02 | |||||||||||||||
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| Schlumberger income from continuing operations, excluding charges & credits |
$ | 1,889 | $ | 446 | $ | 3 | $ | 1,440 | $ | 1.08 | ||||||||||
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| Fourth Quarter 2012 | Third Quarter 2012 | |||||||||||||||
| GAAP | Excluding Charges |
GAAP | Excluding Charges |
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| Pretax return on sales |
16.2 | % | 17.0 | % | 17.5 | % | 17.8 | % | ||||||||
| After tax return on sales |
12.2 | % | 12.9 | % | 13.3 | % | 13.6 | % | ||||||||
| Effective tax rate |
24.1 | % | 23.8 | % | 23.8 | % | 23.6 | % | ||||||||
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This document, the fourth-quarter and full year 2012 earnings release and 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 segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, 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; general economic, political and business conditions in key regions of the world; pricing erosion; weather and seasonal factors; operational delays; production declines; 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; and other risks and uncertainties detailed in our fourth-quarter and full year 2012 earnings release, our most recent Form 10-K and other filings that we make with the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. 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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