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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file No.: 1-4601

img113971145_0.jpg 

Schlumberger N.V. (Schlumberger Limited)

(Exact name of registrant as specified in its charter)

Curaçao

52-0684746

(State or other jurisdiction of
incorporation or organization)

(IRS Employer
Identification No.)

 

 

 

42 rue Saint-Dominique

Paris, France

75007

 

 

 

5599 San Felipe

Houston, Texas, United States of America

77056

 

 

 

62 Buckingham Gate

 

 

London, United Kingdom

 

SW1E 6AJ

 

 

 

Parkstraat 83

The Hague, The Netherlands

2514 JG

(Addresses of principal executive offices)

(Zip Codes)

Registrant’s telephone number in the United States, including area code, is: (713) 513-2000

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

common stock, par value $0.01 per share

SLB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding at September 30, 2023

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,423,420,641

 

 

 


 

SCHLUMBERGER LIMITED

Third Quarter 2023 Form 10-Q

Table of Contents

 

Page

PART I

Financial Information

 

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

21

 

 

 

 

Item 4.

Controls and Procedures

21

 

 

 

 

PART II

Other Information

 

 

 

 

 

Item 1.

Legal Proceedings

22

 

 

 

 

Item 1A.

Risk Factors

22

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

22

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

22

 

 

 

 

Item 4.

Mine Safety Disclosures

22

 

 

 

 

Item 5.

Other Information

22

 

 

 

 

Item 6.

Exhibits

23

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

 

2023

 

 

2022

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Services

$

5,719

 

 

$

5,153

 

 

$

16,616

 

 

$

14,109

 

Product sales

 

2,591

 

 

 

2,324

 

 

 

7,529

 

 

 

6,104

 

Total Revenue

 

8,310

 

 

 

7,477

 

 

 

24,145

 

 

 

20,213

 

Interest & other income

 

73

 

 

 

75

 

 

 

247

 

 

 

436

 

Expenses

 

 

 

 

 

 

 

 

Cost of services

 

4,360

 

 

 

3,975

 

 

 

12,777

 

 

 

11,082

 

Cost of sales

 

2,232

 

 

 

2,067

 

 

 

6,601

 

 

 

5,541

 

Research & engineering

 

186

 

 

 

160

 

 

 

524

 

 

 

456

 

General & administrative

 

81

 

 

 

94

 

 

 

268

 

 

 

277

 

Interest

 

129

 

 

 

122

 

 

 

373

 

 

 

369

 

Income before taxes

 

1,395

 

 

 

1,134

 

 

 

3,849

 

 

 

2,924

 

Tax expense

 

259

 

 

 

215

 

 

 

722

 

 

 

514

 

Net income

 

1,136

 

 

 

919

 

 

 

3,127

 

 

 

2,410

 

Net income attributable to noncontrolling interests

 

13

 

 

 

12

 

 

 

36

 

 

 

33

 

Net income attributable to SLB

$

1,123

 

 

$

907

 

 

$

3,091

 

 

$

2,377

 

 

 

 

 

 

 

 

 

 

Basic income per share of SLB

$

0.79

 

 

$

0.64

 

 

$

2.17

 

 

$

1.68

 

 

 

 

 

 

 

 

 

 

Diluted income per share of SLB

$

0.78

 

 

$

0.63

 

 

$

2.14

 

 

$

1.65

 

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

1,424

 

 

 

1,418

 

 

 

1,424

 

 

 

1,414

 

Assuming dilution

 

1,442

 

 

 

1,439

 

 

 

1,442

 

 

 

1,436

 

See Notes to Consolidated Financial Statements

3


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

2023

 

2022

 

 

2023

 

2022

 

Net income

$

1,136

 

$

919

 

 

$

3,127

 

$

2,410

 

Currency translation adjustments

 

 

 

 

 

Unrealized net change arising during the period

 

(46

)

 

(18

)

 

 

(123

)

 

92

 

Cash flow hedges

 

 

 

 

 

Net gain (loss) on cash flow hedges

 

24

 

 

45

 

 

 

96

 

 

(53

)

Reclassification to net income of net realized (gain) loss

 

(2

)

 

30

 

 

 

(16

)

 

103

 

Pension and other postretirement benefit plans

 

 

 

 

 

Amortization to net income of net actuarial (gain) loss

 

(2

)

 

16

 

 

 

(6

)

 

46

 

Amortization to net income of net prior service credit

 

(6

)

 

(6

)

 

 

(17

)

 

(17

)

Income taxes on pension and other postretirement benefit plans

 

2

 

 

1

 

 

 

5

 

 

3

 

Comprehensive income

 

1,106

 

 

987

 

 

 

3,066

 

 

2,584

 

Comprehensive income attributable to noncontrolling interests

 

13

 

 

12

 

 

 

36

 

 

33

 

Comprehensive income attributable to SLB

$

1,093

 

$

975

 

 

$

3,030

 

$

2,551

 

 

See Notes to Consolidated Financial Statements

 

4


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

Sept. 30,

 

 

 

 

 

2023

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2022

 

ASSETS

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash

$

2,488

 

 

$

1,655

 

Short-term investments

 

1,247

 

 

 

1,239

 

Receivables less allowance for doubtful accounts (2023 - $347; 2022 - $340)

 

8,049

 

 

 

7,032

 

Inventories

 

4,305

 

 

 

3,999

 

Other current assets

 

949

 

 

 

1,078

 

 

17,038

 

 

 

15,003

 

Investments in Affiliated Companies

 

1,622

 

 

 

1,581

 

Fixed Assets less accumulated depreciation

 

6,875

 

 

 

6,607

 

Goodwill

 

13,111

 

 

 

12,982

 

Intangible Assets

 

2,912

 

 

 

2,992

 

Other Assets

 

4,255

 

 

 

3,970

 

$

45,813

 

 

$

43,135

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

 

Accounts payable and accrued liabilities

$

9,222

 

 

$

9,121

 

Estimated liability for taxes on income

 

935

 

 

 

1,002

 

Short-term borrowings and current portion of long-term debt

 

1,998

 

 

 

1,632

 

Dividends payable

 

373

 

 

 

263

 

 

12,528

 

 

 

12,018

 

Long-term Debt

 

11,147

 

 

 

10,594

 

Postretirement Benefits

 

166

 

 

 

165

 

Deferred Taxes

 

157

 

 

 

61

 

Other Liabilities

 

2,108

 

 

 

2,308

 

 

26,106

 

 

 

25,146

 

Equity

 

 

 

Common stock

 

11,182

 

 

 

11,837

 

Treasury stock

 

(621

)

 

 

(1,016

)

Retained earnings

 

12,742

 

 

 

10,719

 

Accumulated other comprehensive loss

 

(3,917

)

 

 

(3,855

)

SLB stockholders’ equity

 

19,386

 

 

 

17,685

 

Noncontrolling interests

 

321

 

 

 

304

 

 

19,707

 

 

 

17,989

 

$

45,813

 

 

$

43,135

 

 

 

See Notes to Consolidated Financial Statements

 

5


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net income

$

3,127

 

 

$

2,410

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Gain on sale of Liberty shares

 

(36

)

 

 

(242

)

Gain on sale of real estate

 

-

 

 

 

(43

)

Depreciation and amortization (1)

 

1,703

 

 

 

1,598

 

Deferred taxes

 

94

 

 

 

3

 

Stock-based compensation expense

 

218

 

 

 

236

 

Earnings of equity method investments, less dividends received

 

(120

)

 

 

(52

)

Change in assets and liabilities: (2)

 

 

 

Increase in receivables

 

(1,003

)

 

 

(1,302

)

Increase in inventories

 

(334

)

 

 

(849

)

Decrease (increase) in other current assets

 

107

 

 

 

(144

)

Decrease (increase) in other assets

 

2

 

 

 

(40

)

(Decrease) increase in accounts payable and accrued liabilities

 

(10

)

 

 

475

 

(Decrease) increase in estimated liability for taxes on income

 

(113

)

 

 

6

 

Decrease in other liabilities

 

(65

)

 

 

-

 

Other

 

45

 

 

 

50

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

3,615

 

 

 

2,106

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(1,345

)

 

 

(1,046

)

APS investments

 

(391

)

 

 

(420

)

Exploration data costs capitalized

 

(121

)

 

 

(77

)

Business acquisitions and investments, net of cash acquired

 

(280

)

 

 

(45

)

Proceeds from sale of Liberty shares

 

137

 

 

 

513

 

Proceeds from sale of real estate

 

-

 

 

 

120

 

Purchase of short-term investments, net

 

(12

)

 

 

(55

)

Other

 

(251

)

 

 

(106

)

NET CASH USED IN INVESTING ACTIVITIES

 

(2,263

)

 

 

(1,116

)

Cash flows from financing activities:

 

 

 

Dividends paid

 

(961

)

 

 

(600

)

Proceeds from employee stock purchase plan

 

191

 

 

 

142

 

Proceeds from exercise of stock options

 

85

 

 

 

29

 

Stock repurchase program

 

(594

)

 

 

-

 

Proceeds from issuance of long-term debt

 

992

 

 

 

-

 

Net decrease in short-term borrowings

 

(43

)

 

 

(13

)

Taxes paid on net settled stock-based compensation awards

 

(162

)

 

 

(92

)

Other

 

(11

)

 

 

(4

)

NET CASH USED IN FINANCING ACTIVITIES

 

(503

)

 

 

(538

)

Net increase in cash before translation effect

 

849

 

 

 

452

 

Translation effect on cash

 

(16

)

 

 

(29

)

Cash, beginning of period

 

1,655

 

 

 

1,757

 

Cash, end of period

$

2,488

 

 

$

2,180

 

 

(1)
Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.
(2)
Net of the effect of business acquisitions.

 

See Notes to Consolidated Financial Statements

6


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Other

 

 

 

Common Stock

 

Retained

 

Comprehensive

 

Noncontrolling

 

January 1, 2023 – September 30, 2023

 

Issued

 

In Treasury

 

Earnings

 

Loss

 

Interests

 

Total

Balance, January 1, 2023

 

$11,837

 

$(1,016)

 

$10,719

 

$(3,855)

 

$304

 

$17,989

Net income

 

 

 

3,091

 

 

36

 

3,127

Currency translation adjustments

 

 

 

 

(123)

 

 

 

(123)

Changes in fair value of cash flow hedges

 

 

 

 

80

 

 

80

Pension and other postretirement benefit plans

 

 

 

 

(18)

 

 

(18)

Shares sold to optionees, less shares exchanged

 

(53)

 

138

 

 

 

 

85

Vesting of restricted stock, net of taxes withheld

 

(657)

 

495

 

 

 

 

(162)

Employee stock purchase plan

 

(162)

 

352

 

 

 

 

190

Stock repurchase program

 

 

(594)

 

 

 

 

(594)

Stock-based compensation expense

 

218

 

 

 

 

 

218

Dividends declared ($0.75 per share)

 

 

 

(1,068)

 

 

 

(1,068)

Dividends paid to noncontrolling interests

 

 

 

 

 

 

 

 

 

(20)

 

(20)

Other

 

(1)

 

4

 

 

 

(1)

 

1

 

3

Balance, September 30, 2023

 

$11,182

 

$(621)

 

$12,742

 

$(3,917)

 

$321

 

$19,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Other

 

 

 

Common Stock

 

Retained

 

Comprehensive

 

Noncontrolling

 

January 1, 2022 – September 30, 2022

 

Issued

 

In Treasury

 

Earnings

 

Loss

 

Interests

 

Total

Balance, January 1, 2022

 

$12,608

 

$(2,233)

 

$8,199

 

$(3,570)

 

$282

 

$15,286

Net income

 

 

 

2,377

 

 

33

 

2,410

Currency translation adjustments

 

 

 

 

92

 

 

 

92

Changes in fair value of cash flow hedges

 

 

 

 

50

 

 

50

Pension and other postretirement benefit plans

 

 

 

 

32

 

 

32

Shares sold to optionees, less shares exchanged

 

(24)

 

53

 

 

 

 

29

Vesting of restricted stock, net of taxes withheld

 

(730)

 

638

 

 

 

 

(92)

Employee stock purchase plan

 

(222)

 

364

 

 

 

 

142

Stock-based compensation expense

 

236

 

 

 

 

 

236

Dividends declared ($0.475 per share)

 

 

 

(672)

 

 

 

(672)

Dividends paid to noncontrolling interest

 

 

 

 

 

 

 

 

 

(4)

 

(4)

Other

 

(1)

 

2