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8-K - FORM 8-K - SCHLUMBERGER LIMITED/NV | d384808d8k.htm |
EX-99.1 - SECOND-QUARTER 2012 RESULTS PRESS RELEASE - SCHLUMBERGER LIMITED/NV | d384808dex991.htm |
Exhibit 99.2
Second-Quarter 2012 ResultsSupplemental Information
1) | What were multiclient sales in the second quarter of 2012? |
Multiclient sales, including transfer fees, were $213 million in the second quarter of 2012.
2) | What was the WesternGeco backlog at the end of the second quarter of 2012? |
WesternGeco backlog, which is based on signed contracts with customers, was approximately $1.18 billion at the end of the second quarter of 2012.
3) | What were the Schlumberger pretax and after-tax returns-on-sales from continuing operations for the second quarter of 2012, excluding charges and credits? |
The Schlumberger pretax return on sales from continuing operations, excluding charges and credits, was 17.8% for the second quarter of 2012 versus 17.2% for the first quarter of 2012.
The Schlumberger after-tax return on sales from continuing operations, excluding charges and credits, was 13.4% for the second quarter of 2012 versus 13.1% for the first quarter of 2012.
4) | What was the Schlumberger Net Debt at the end of the second quarter of 2012? |
Net debt was $6.7 billion at June 30, 2012$919 million higher than at the end of the previous quarter.
Liquidity during the quarter was used primarily for working capital of $1.21 billion, capital expenditures of $1.12 billion, $682 million of acquisitions and $499 million of stock repurchases, partially offset by the proceeds from the sale of Wilson distribution business of $906 million.
Net Debt represents gross debt less cash, short-term investments and fixed income investments, held to maturity.
5) | What was included in Interest and other income, net for the second quarter of 2012? |
Interest and other income, net for the second quarter of 2012 consisted of the following:
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Equity in net earnings of affiliated companies |
$ | 39 | ||
Interest Income |
6 | |||
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$ | 45 |
6) | How did interest income and interest expense change during the second quarter of 2012? |
Interest income of $6 million was down $4 million sequentially. Interest expense of $78 million was down $2 million sequentially.
7) | Why was there a difference between the consolidated Schlumberger pretax income and the total pretax income of Oilfield Services? |
The difference consisted of such items as corporate expenses and interest income and interest expense not allocated to the segments, as well as interest on postretirement medical benefits, stock-based compensation expense and the amortization expense associated with intangible assets recorded in connection with the Smith acquisition.
8) | What was the effective tax rate (ETR), excluding charges and credits, for the second quarter of 2012? |
The ETR for the second quarter of 2012 was 24.0% and in the prior quarter was 23.6%, excluding charges and credits in both periods.
The ETR for full-year 2012 is expected to be in the mid twenties, although some volatility may be experienced in the ETR on a quarterly basis primarily due to the geographic mix of earnings.
9) | What is the capex guidance for the full year 2012? |
Schlumberger capex is still expected to be approximately $4.5 billion for the full-year 2012.
D) | Non-GAAP Financial Measures |
In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this document also includes non-GAAP financial measures (as defined under SEC Regulation G). The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures:
( Stated in millions except per share amounts ) | ||||||||||||||||||||
Second Quarter 2012 | ||||||||||||||||||||
Pretax | Tax | Noncont. Interest |
Net | Diluted EPS |
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Schlumberger income from continuing operations, as reported |
$ | 1,839 | $ | 445 | $ | 12 | $ | 1,382 | $ | 1.03 | ||||||||||
Merger and integration costs |
22 | 1 | | 21 | 0.02 | |||||||||||||||
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Schlumberger income from continuing operations, excluding charges & credits |
$ | 1,861 | $ | 446 | $ | 12 | $ | 1,403 | $ | 1.05 | ||||||||||
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Second Quarter 2012 | ||||||||
GAAP | Excluding Charges |
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Pretax return on sales |
17.6 | % | 17.8 | % | ||||
After tax return on sales |
13.2 | % | 13.4 | % | ||||
Effective tax rate |
24.2 | % | 24.0 | % |
( Stated in millions except per share amounts ) | ||||||||||||||||||||
First Quarter 2012 | ||||||||||||||||||||
Pretax | Tax | Noncont. Interest |
Net | Diluted EPS |
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Schlumberger income from continuing operations, as reported |
$ | 1,687 | $ | 400 | $ | 5 | $ | 1,282 | $ | 0.95 | ||||||||||
Merger and integration costs |
15 | 2 | | 13 | 0.01 | |||||||||||||||
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Schlumberger income from continuing operations, excluding charges & credits |
$ | 1,702 | $ | 402 | $ | 5 | $ | 1,295 | $ | 0.96 | ||||||||||
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First Quarter 2012 | ||||||||
GAAP | Excluding Charges |
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Pretax return on sales |
17.0 | % | 17.2 | % | ||||
After tax return on sales |
12.9 | % | 13.1 | % | ||||
Effective tax rate |
23.7 | % | 23.6 | % |
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This document, the second-quarter 2012 earnings release and other statements we make contain forward-looking statements within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; Schlumbergers effective tax rate; improvements in operating procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumbergers customers; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumbergers customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; pricing erosion; weather and seasonal factors; the ability to respond to increased activity levels; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; and other risks and uncertainties detailed in our second-quarter 2012 earnings release, our most recent Form 10-K and other filings that we make with the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
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