Schlumberger Limitednv (SLB) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Earnings Press Release
10-Q Quarterly Report
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Schlumberger Limitednv
Ticker: SLB CIK: 87347

Exhibit 99

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Schlumberger Announces Third-Quarter 2018 Results

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Revenue of $8.5 billion increased 2% sequentially

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Pretax operating income of $1.2 billion increased 5% sequentially

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EPS was $0.46

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Cash flow from operations was $1.8 billion

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Free cash flow was $1.0 billion

Houston, October 19, 2018—Schlumberger Limited (NYSE: SLB) today reported results for the third quarter of 2018.


							(Stated in millions, except per share amounts)
	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 income—GAAP basis	$	644		$	430		$	545			50	%		18	%
Net income, excluding charges & credits*	$	644		$	594		$	581			8	%		11	%
Diluted EPS—GAAP basis	$	0.46		$	0.31		$	0.39			48	%		18	%
Diluted EPS, excluding charges & credits*	$	0.46		$	0.43		$	0.42			7	%		10	%

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 OneStim^SM 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.

The following information was filed by Schlumberger Limitednv (SLB) on Friday, October 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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