Schlumberger Announces Second-Quarter 2020 Results

Schlumberger Announces Second-Quarter 2020 Results

Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020.

  • Worldwide revenue of $5.4 billion decreased 28% sequentially
  • International revenue of $4.1 billion decreased 19% sequentially
  • North America revenue of $1.2 billion decreased 48% sequentially
  • GAAP loss per share, including charges and credits of $2.52 per share, was $2.47
  • EPS, excluding charges and credits, was $0.05
  • Cash flow from operations was $803 million and free cash flow was $465 million
  • Board approved quarterly cash dividend of $0.125 per share

Second-Quarter Results

(Stated in millions, except per share amounts)
Three Months EndedChange
Jun. 30, 2020Mar. 31, 2020Jun. 30, 2019SequentialYear-on-year
Income (loss) before taxes – GAAP basis$(3,627)$(8,089)$593n/mn/m
Pretax segment operating income*$396$776$968-49%-59%
Pretax segment operating margin*7.4%10.4%11.7%-303 bps-431 bps
Net income (loss) – GAAP basis$(3,434)$(7,376)$492n/mn/m
Net income, excluding charges & credits*$69$351$492-80%-86%
Diluted EPS (loss per share) – GAAP basis$(2.47)$(5.32)$0.35n/mn/m
Diluted EPS, excluding charges & credits*

North America revenue$1,183$2,279$2,801-48%-58%
International revenue

North America revenue, excluding Cameron$842$1,773$2,201-53%-62%
International revenue, excluding Cameron$3,463$4,395$4,708-21%-26%
*These are non-GAAP financial measures. See sections titled “Charges & Credits” and “Segments” for details.
n/m = not meaningful

Other Events

During the second quarter, Schlumberger issued EUR 1 billion of 1.375% Notes due 2026, $900 million of 2.650% Notes due 2030, and EUR 1 billion of 2.000% Notes due 2032.

In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of its 4.200% Notes due 2021.

On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020.

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Source: Schlumberger

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