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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended: March 31, 2020

Commission file No.: 1-4601

 

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)

 

(I.R.S. Employer
Identification No.)

 

 

 

42 RUE SAINT-DOMINIQUE

 

 

PARIS, FRANCE

 

75007

 

 

 

5599 SAN FELIPE

 

 

HOUSTON, Texas, U.S.A.

 

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:   (713513-2000

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 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, 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 March 31, 2020

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,387,812,907

 

 

 

 

 

 


 

SCHLUMBERGER LIMITED

First Quarter 2020 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

17

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

24

 

 

 

 

Item 4.

 

Controls and Procedures

24

 

 

 

 

 PART II

 

Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

25

 

 

 

 

Item 1A.

 

Risk Factors

25

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

25

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

25

 

 

 

 

Item 4.

 

Mine Safety Disclosures

25

 

 

 

 

Item 5.

 

Other Information

25

 

 

 

 

Item 6.

 

Exhibits

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (LOSS)

(Unaudited)

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

Services

$

5,426

 

 

$

5,906

 

Product sales

 

2,029

 

 

 

1,973

 

Total Revenue

 

7,455

 

 

 

7,879

 

Interest & other income

 

39

 

 

 

14

 

Expenses

 

 

 

 

 

 

 

Cost of services

 

4,727

 

 

 

5,111

 

Cost of sales

 

1,897

 

 

 

1,841

 

Research & engineering

 

173

 

 

 

173

 

General & administrative

 

127

 

 

 

112

 

Impairments & other

 

8,523

 

 

 

-

 

Interest

 

136

 

 

 

147

 

Income (loss) before taxes

 

(8,089

)

 

 

509

 

Tax expense (benefit)

 

(721

)

 

 

79

 

Net income (loss)

 

(7,368

)

 

 

430

 

Net income attributable to noncontrolling interests

 

8

 

 

 

9

 

Net income (loss) attributable to Schlumberger

$

(7,376

)

 

$

421

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share of Schlumberger

$

(5.32

)

 

$

0.30

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share of Schlumberger

$

(5.32

)

 

$

0.30

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

Basic

 

1,387

 

 

 

1,385

 

Assuming dilution

 

1,387

 

 

 

1,397

 

    

See Notes to Consolidated Financial Statements

 

 

3


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

 

2019

 

Net income (loss)

$

(7,368

)

 

$

430

 

Currency translation adjustments

 

 

 

 

 

 

 

Unrealized net change arising during the period

 

(125

)

 

 

77

 

Cash flow hedges

 

 

 

 

 

 

 

Net loss on cash flow hedges

 

(203

)

 

 

(5

)

Reclassification to net income (loss) of net realized loss

 

1

 

 

 

2

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

Amortization to net income (loss) of net actuarial loss

 

51

 

 

 

24

 

Amortization to net income (loss) of net prior service credit

 

(5

)

 

 

(3

)

Income taxes on pension and other postretirement benefit plans

 

(4

)

 

 

-

 

Comprehensive income (loss)

 

(7,653

)

 

 

525

 

Comprehensive income attributable to noncontrolling interests

 

8

 

 

 

9

 

Comprehensive income (loss) attributable to Schlumberger

$

(7,661

)

 

$

516

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Mar. 31,

 

 

 

 

 

 

2020

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

1,375

 

 

$

1,137

 

Short-term investments

 

1,969

 

 

 

1,030

 

Receivables less allowance for doubtful accounts (2020 - $249; 2019 - $255)

 

7,486

 

 

 

7,747

 

Inventories

 

4,148

 

 

 

4,130

 

Other current assets

 

1,288

 

 

 

1,486

 

 

 

16,266

 

 

 

15,530

 

Investments in Affiliated Companies

 

1,515

 

 

 

1,565

 

Fixed Assets less accumulated depreciation

 

8,550

 

 

 

9,270

 

Multiclient Seismic Data

 

556

 

 

 

568

 

Goodwill

 

12,924

 

 

 

16,042

 

Intangible Assets

 

3,673

 

 

 

7,089

 

Deferred Taxes

 

155

 

 

 

-

 

Other Assets

 

4,955

 

 

 

6,248

 

 

$

48,594

 

 

$

56,312

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

10,168

 

 

$

10,663

 

Estimated liability for taxes on income

 

1,157

 

 

 

1,209

 

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

 

1,233

 

 

 

524

 

Dividends payable

 

704

 

 

 

702

 

 

 

13,262

 

 

 

13,098

 

Long-term Debt

 

15,409

 

 

 

14,770

 

Postretirement Benefits

 

936

 

 

 

967

 

Deferred Taxes

 

-

 

 

 

491

 

Other Liabilities

 

3,004

 

 

 

2,810

 

 

 

32,611

 

 

 

32,136

 

Equity

 

 

 

 

 

 

 

Common stock

 

12,963

 

 

 

13,078

 

Treasury stock

 

(3,360

)

 

 

(3,631

)

Retained earnings

 

10,681

 

 

 

18,751

 

Accumulated other comprehensive loss

 

(4,723

)

 

 

(4,438

)

Schlumberger stockholders' equity

 

15,561

 

 

 

23,760

 

Noncontrolling interests

 

422

 

 

 

416

 

 

 

15,983

 

 

 

24,176

 

 

$

48,594

 

 

$

56,312

 

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

(7,368

)

 

$

430

 

Adjustments to reconcile net income (loss) income to cash provided by operating activities:

 

 

 

 

 

 

 

Impairments and other charges

 

8,523

 

 

 

-

 

Depreciation and amortization (1)

 

792

 

 

 

903

 

Deferred taxes

 

(781

)

 

 

(72

)

Stock-based compensation expense

 

108

 

 

 

108

 

Earnings of equity method investments, less dividends received

 

(10

)

 

 

3

 

Change in assets and liabilities: (2)

 

 

 

 

 

 

 

Decrease (increase) in receivables

 

233

 

 

 

(280

)

Increase in inventories

 

(42

)

 

 

(197

)

Decrease (increase) in other current assets

 

15

 

 

 

(93

)

(Increase) decrease in other assets

 

(7

)

 

 

2

 

Decrease in accounts payable and accrued liabilities

 

(640

)

 

 

(483

)

(Decrease) increase in estimated liability for taxes on income

 

(48

)

 

 

5

 

Decrease in other liabilities

 

(37

)

 

 

(42

)

Other

 

46

 

 

 

42

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

784

 

 

 

326

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(407

)

 

 

(413

)

APS investments

 

(163

)

 

 

(151

)

Multiclient seismic data costs capitalized

 

(35

)

 

 

(45

)

(Purchase) sale of investments, net

 

(941

)

 

 

420

 

Net proceeds from asset divestitures

 

298

 

 

 

-

 

Other

 

(64

)

 

 

(41

)

NET CASH USED IN INVESTING ACTIVITIES

 

(1,312

)

 

 

(230

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(692

)

 

 

(692

)

Proceeds from employee stock purchase plan

 

85

 

 

 

85

 

Proceeds from exercise of stock options

 

-

 

 

 

22

 

Stock repurchase program

 

(26

)

 

 

(98

)

Proceeds from issuance of long-term debt

 

1,475

 

 

 

1,812

 

Repayment of long-term debt

 

(90

)

 

 

(1,368

)

Net increase (decrease) in short-term borrowings

 

34

 

 

 

(38

)

Other

 

(9

)

 

 

(20

)

NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES

 

777

 

 

 

(297

)

Net increase (decrease) in cash before translation effect

 

249

 

 

 

(201

)

Translation effect on cash

 

(11

)

 

 

(2

)

Cash, beginning of period

 

1,137

 

 

 

1,433

 

Cash, end of period

$

1,375

 

 

$

1,230

 

 

 

(1)

Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic 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, 2020 – March 31, 2020

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2020

 

$

13,078

 

 

$

(3,631

)

 

$

18,751

 

 

$

(4,438

)

 

$

416

 

 

$

24,176

 

Net loss

 

 

 

 

 

 

 

 

 

 

(7,376

)

 

 

 

 

 

 

8

 

 

 

(7,368

)

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(125

)

 

 

(3

)

 

 

(128

)

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(202

)

 

 

 

 

 

 

(202

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42

 

 

 

 

 

 

 

42

 

Vesting of restricted stock

 

 

(117

)

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Shares issued under employee stock purchase plan

 

 

(95

)

 

 

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85

 

Stock repurchase program

 

 

 

 

 

 

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

Stock-based compensation expense

 

 

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108

 

Dividends declared ($0.50 per share)

 

 

 

 

 

 

 

 

 

 

(694

)

 

 

 

 

 

 

 

 

 

 

(694

)

Other

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

(10

)

Balance, March 31, 2020

 

$

12,963

 

 

$

(3,360

)

 

$

10,681

 

 

$

(4,723

)

 

$

422

 

 

$

15,983

 

 

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

 

 

January 1, 2019 –March 31, 2019

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2019

 

$

13,132

 

 

$

(4,006

)

 

$

31,658

 

 

$

(4,622

)

 

$

424

 

 

$

36,586

 

Net income

 

 

 

 

 

 

 

 

 

 

421

 

 

 

 

 

 

 

9

 

 

 

430

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77

 

 

 

 

 

 

 

77

 

Changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

(3

)

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

21

 

Shares sold to optionees, less shares exchanged

 

 

(25

)

 

 

47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Vesting of restricted stock

 

 

(100

)

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Shares issued under employee stock purchase plan

 

 

(115

)

 

 

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85

 

Stock repurchase program

 

 

 

 

 

 

(98

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(98

)

Stock-based compensation expense

 

 

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108

 

Dividends declared ($0.50 per share)

 

 

 

 

 

 

 

 

 

 

(693

)

 

 

 

 

 

 

 

 

 

 

(693

)

Other

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

(11

)

Balance, March 31, 2019

 

$

13,000

 

 

$

(3,756

)

 

$

31,386

 

 

$

(4,527

)

 

$

421

 

 

$

36,524

 

 

 

SHARES OF COMMON STOCK

(Unaudited)

 

 

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Issued