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Exhibit 99
Schlumberger Announces Third-Quarter 2018 Results
| Revenue of $8.5 billion increased 2% sequentially |
| Pretax operating income of $1.2 billion increased 5% sequentially |
| EPS was $0.46 |
| Cash flow from operations was $1.8 billion |
| Free cash flow was $1.0 billion |
Houston, October 19, 2018Schlumberger Limited (NYSE: SLB) today reported results for the third quarter of 2018.
(Stated in millions, except per share amounts) |
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Three Months Ended | Change | |||||||||||||||||||
Sept. 30, 2018 | Jun. 30, 2018 | Sept. 30, 2017 | Sequential | Year-on-year | ||||||||||||||||
Revenue |
$ | 8,504 | $ | 8,303 | $ | 7,905 | 2 | % | 8 | % | ||||||||||
Pretax operating income |
$ | 1,152 | $ | 1,094 | $ | 1,059 | 5 | % | 9 | % | ||||||||||
Pretax operating margin |
13.5 | % | 13.2 | % | 13.4 | % | 36 | bps | 15 | bps | ||||||||||
Net incomeGAAP basis |
$ | 644 | $ | 430 | $ | 545 | 50 | % | 18 | % | ||||||||||
Net income, excluding charges & credits* |
$ | 644 | $ | 594 | $ | 581 | 8 | % | 11 | % | ||||||||||
Diluted EPSGAAP basis |
$ | 0.46 | $ | 0.31 | $ | 0.39 | 48 | % | 18 | % | ||||||||||
Diluted EPS, excluding charges & credits* |
$ | 0.46 | $ | 0.43 | $ | 0.42 | 7 | % | 10 | % | ||||||||||
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North America revenue |
$ | 3,189 | $ | 3,139 | $ | 2,602 | 2 | % | 23 | % | ||||||||||
International revenue |
$ | 5,215 | $ | 5,065 | $ | 5,147 | 3 | % | 1 | % | ||||||||||
North America revenue, excluding Cameron |
$ | 2,572 | $ | 2,546 | $ | 2,086 | 1 | % | 23 | % | ||||||||||
International revenue, excluding Cameron |
$ | 4,559 | $ | 4,387 | $ | 4,430 | 4 | % | 3 | % |
* | These are non-GAAP financial measures. See section below entitled Charges & Credits for details. |
Schlumberger Chairman and CEO Paal Kibsgaard commented, Our third-quarter revenue of $8.5 billion grew 2% sequentially, driven by the International Areas where the broad-based activity recovery continued and where sequential revenue growth outpaced that of North America for the first time since the second quarter of 2014. In North America, sequential growth remained positive but slowed from the rates of previous quarters as takeaway constraints in the Permian impacted hydraulic fracturing activity.
In North America, third-quarter revenue of $2.6 billion, excluding Cameron, increased 1% sequentially driven by Artificial Lift and Drilling as we continued to gain market share on the back of our leading technology portfolio. Service revenue from our OneStimSM hydraulic fracturing business was increasingly impacted by softening activity and pricing over the course of the quarter. This was offset, however, by robust performance from our vertically integrated sand business, which in addition to serving OneStim now also competes in the third-party market. Offshore North America, drilling activity was impacted by scheduled platform maintenance and planned workover operations, the combination of which led to a less favorable activity mix for Schlumberger.
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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.
Revenue in North America grew 37% driven by the deployment of additional hydraulic fracturing capacity, market share gains, operational efficiency improvements and improved pricing.
Year-on-year, pretax operating margin increased 87 bps to 9% as a result of improved profitability in North America due to accelerated land activity and improved pricing.
Growth was driven by the deployment of additional hydraulic fracturing capacity, market share gains, operational efficiency improvements, and improved pricing.
Year-on-year, pretax operating margin of 12% declined 166 bps due primarily to the decline in high-margin OneSubsea project volumes.
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Schlumberger Limitednv provided additional information to their SEC Filing as exhibits
Ticker: SLB
CIK: 87347
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-024846
Submitted to the SEC: Wed Oct 24 2018 11:22:57 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Oil And Gas Field Services