Schlumberger Announces Q1 Results

Posted by Joseph R. Fonseca
Friday, April 18, 2014
Paal Kibsgaard

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.57 billion in the first quarter of 2013.

Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.59 billion—a decrease of 11% sequentially but an increase of 23% year-on-year.  Diluted earnings-per-share from continuing operations, excluding charges and credits, was $1.21 versus $1.35 in the previous quarter, and $0.97 in the first
quarter of 2013.

Schlumberger recorded charges of $0.09 per share in the fourth quarter of 2013 and of $0.07 per share in the first quarter of 2013.  Schlumberger did not record any charges or credits in the first quarter of 2014.

Oilfield Services revenue of $11.24 billion decreased 6% sequentially, but increased 6% year-on-year. Oilfield Services pretax operating income of $2.37 billion decreased 9% sequentially, but increased 21% year-on-year.

Schlumberger CEO Paal Kibsgaard commented, “Growing new technology sales and expanding integration activity drove our first-quarter results despite the severe winter weather that impacted operations in Russia, China and North America. While the sequential results displayed the usual drop in product, software and multiclient license sales following strong year-end figures, our solid year-on-year growth rates were led by the Middle East & Asia and North America Areas although all geographies benefitted from an increasing focus on operational excellence and efficiency.

Internationally, performance was led by further growth in key markets in Saudi Arabia, the United Arab Emirates and the deepwaters of Australia, as well as by strength in sub-Saharan Africa, project work in Ecuador and shale-related activity in Argentina. Land activity in North America was robust on the back of increased service intensity, market share gains and new technology uptake, in spite of winter weather headwinds and pressure pumping competitive pricing. North America offshore declined slightly on operational delays and extended workover activities.

In terms of pricing, we saw little change in general trends, but new technology at premium pricing continued to penetrate the market and contributed to operating margin results, particularly when combined with the best-in-class service quality.  Our overall performance in this area was further supported by our engineering, manufacturing and
sustaining organization that continues to deliver new and innovative products to our field operations, with strong ‘out-of-box’ performance.

The fundamentals of the global economic recovery remain intact in spite of the unusually harsh winter weather in parts of the Northern Hemisphere, some signs of a slowdown in growth in China, and the unsettled situation in Ukraine. These factors, however, are likely temporary in nature and the oil markets continue to be tighter than once anticipated, driven by strong demand trends, lower spare capacity figures and a fall in OECD stocks. Supply continues to grow in North America, while other areas are struggling to meet their production targets. In the US, natural gas trends were boosted by winter temperatures, but supply and demand is expected to normalize over the
coming months.

As a result, we continue to believe that our customers’ well-related spend will increase north of 6% in 2014, and that the spend growth rates will be relatively evenly split between the international and North American markets, driven by the  independent and national oil companies.  We therefore remain positive on the year to come, with our
broad geographical footprint, balanced technology portfolio and agile organization providing both protection from potential market disturbances, and the ability to capitalize on market opportunities."




 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Seaspan Responds to Canada’s NSS Announcement

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president

Technology

Tech & Design Solutions for Modern Workboats

EPA Tier 4 regulations (for engines of 804 hp and higher) and propulsion advancements have many manufacturers and vessel designers changing course to adapt to new requirements and customer demands.

Meet the Future Surveyor

Knut Ørbeck-Nilssen, CEO Maritime, DNV GL discusses the future of class   DNV GL is now integrated and fully armed to address the challenges of the day. Drones

Kongsberg Tech for Peruvian Arctic Research Vessel

Kongsberg Maritime has been chosen to deliver an integrated subsea technology systems package including two HUGIN Autonomous Underwater Vehicles (AUV) for a new

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Energy

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Seacat Services Secures Burbo Bank Charter Deal

DONG Energy has awarded  offshore energy support vessel operator Seacat Services with the supply contract for all crew transfer services at its 258MW Burbo Bank

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Marine Materials

Dubai Partners with WOC on Ocean Sustainable Dwevelopment

The Dubai Council on Marine and Maritime Industries (DCMMI) and the World Ocean Council (WOC) have agreed to collaborate on ocean sustainable development and corporate ocean responsibility.

Inspection Features Added to PropCad Premium

It is common practice to inspect marine propellers to ensure the manufactured product meets the thickness and pitch specified by the design. PropCad Premium now

Report on Health of Seagrass in Cleveland Bay

Port of Townsville Limited (POTL) has released the 2015 Annual Seagrass Health Survey carried out in Cleveland Bay during 2015. The survey, commissioned annually since 2007 at a cost of around $70,

News

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

Conrad Shipyard Christens Woods Hole Ferry

M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La.

Ferry Crew-member Missing off Pembroke Coast

HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast.   The Coastguard

Marine Equipment

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

BWTS Refit for Netherlands Naval Vessels

The Defense Material Organization has awarded three contracts to Goltens Worldwide’s Green Technologies business unit for the engineering and turnkey installation

Raytheon Anschütz Selected as INS Provider for Canada’s OFSV

Raytheon Anschütz Selected as INS Provider for Canada’s OFSV   Thales, a major system integrator in Canada, has chosen Raytheon Anschütz as the supplier of the

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1662 sec (6 req/sec)