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OFFON

SCHLUMBERGER LIMITED

(SLB)
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SCHLUMBERGER LIMITE : NV Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

07/28/2021 | 12:48pm EDT
Due to the cyclical nature of the industry in which Schlumberger operates and in
order to provide a more meaningful analysis relevant to Schlumberger's business,
this section of the Form 10-Q discusses second-quarter 2021 results of
operations and comparisons to first-quarter 2021, as well as the first six
months of 2021 results of operations and comparisons to the first six months of
2020.  Detailed financial information with respect to first-quarter 2021 can be
found in Part I, Item 1, "Financial Statements" of Schlumberger's Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2021.

               Second Quarter 2021 Compared to First Quarter 2021



                                                                        (Stated in millions)

                             Second Quarter 2021                   First Quarter 2021
                                         Income Before                        Income Before
                        Revenue              Taxes           Revenue              Taxes
Digital & Integration $       817       $           274     $      773       $           247
Reservoir Performance       1,117                   156          1,002                   102
Well Construction           2,110                   272          1,935                   209
Production Systems          1,681                   171          1,590                   138
Eliminations & other          (91 )                 (66 )          (77 )                 (32 )
                                                    807                                  664
Corporate & other (1)                              (138 )                               (150 )
Interest income (2)                                   5                                    4
Interest expense (3)                               (132 )                               (132 )
                      $     5,634       $           542     $    5,223       $           386



(1) Comprised principally of certain corporate expenses not allocated to the

segments, stock-based compensation costs, amortization expense associated

with certain intangible assets, certain centrally managed initiatives and

other nonoperating items.

(2) Interest income excludes amounts which are included in the segments' income

($1 million in Q2 2021; $1 million in Q1 2021).

(3) Interest expense excludes amounts which are included in the segments' income

    ($4 million in Q2 2021; $4 million in Q1 2021).




Second-quarter global revenue grew 8% sequentially, outperforming the rig count
growth in both North America and the international markets. All four Divisions
grew resulting in the highest sequential quarterly revenue growth rate since the
second quarter of 2017.

In North America, revenue grew 11% sequentially, representing the highest
sequential quarterly growth rate for this area since the third quarter of 2017.
This performance was driven by US land revenue, which increased 19% due to
higher drilling activity and increased sales of well and surface production
systems. Well Construction revenue in US land grew more than 30% sequentially,
significantly outperforming the rig count growth of 16%. In addition, Canada
land revenue increased despite the spring breakup, due to higher Asset
Performance Solutions ("APS") project revenue, while North America offshore
revenue was slightly higher due to sales of subsea production systems.

International revenue grew 7% sequentially with all four Divisions registering growth. The revenue growth outpaced the international rig count increase as activity surpassed the impact of the seasonal recovery in the Northern Hemisphere.


Globally, the second-quarter revenue growth was led by Reservoir Performance and
Well Construction, where activity intensified beyond the seasonal recovery.
Reservoir Performance revenue increased 12% sequentially due to the seasonal
activity rebound in the Northern Hemisphere, in addition to higher exploration
and appraisal activity. Well Construction revenue increased 9% sequentially from
increased drilling activity in US land and broadly across the international
markets, particularly offshore. Digital & Integration revenue increased 6%
sequentially due to higher sales of digital solutions and higher APS project
revenue. Production Systems revenue grew 6%, primarily due to higher sales of
well, surface, and subsea production systems.

Sequentially, second-quarter pretax segment operating income increased 22%. Pretax segment operating margin expanded by 162 basis points ("bps") to 14%, the highest margin since 2015.


                                       20

--------------------------------------------------------------------------------


While the rise of the COVID-19 Delta variant and resurgence of related
disruptions could impact the pace of economic reopening, industry projections of
oil demand reflect the anticipation of a wider vaccine-enabled recovery,
improving road mobility, and the impact of various economic stimulus programs.
Under this scenario, Schlumberger believes the momentum of international
activity growth experienced in the second quarter will continue as the cyclical
recovery unfolds. This view is supported by rig count trends, capital spending
signals, and customer feedback. In North America, Schlumberger anticipates the
growth rate to moderate; however, drilling activity could still surprise to the
upside due to private E&P operator spending.

Consequently, absent any further setback in the recovery, Schlumberger continues
to see its international revenue growing in the second half of 2021 by
double-digits when compared to the second half of last year. This translates
into full-year 2021 international revenue growth, setting the stage for a strong
baseline moving into 2022 and beyond.

Digital & Integration

Digital & Integration revenue of $817 million increased 6% sequentially primarily due to strong sales of digital solutions and higher APS project revenue.

Digital & Integration pretax operating margin of 33% expanded 147 bps sequentially due to increased high-margin digital solutions sales and improved profitability from APS projects.

Reservoir Performance

Reservoir Performance revenue of $1.1 billion increased 12% sequentially due to higher activity that surpassed the impact of the seasonal rebound in the Northern Hemisphere, resulting in 13% sequential revenue growth internationally.




Reservoir Performance pretax operating margin of 14% expanded 373 bps
sequentially. Profitability was boosted by the seasonal recovery in the Northern
Hemisphere, higher offshore and exploration activity, and favorable technology
mix in wireline activity in Africa and in the Middle East.

Well Construction


Well Construction revenue of $2.1 billion increased 9% sequentially. Stronger
North America and international activity beyond the seasonal rebound in the
Northern Hemisphere was supported by the rig count increase. North America
revenue growth was driven by US land revenue growth of more than 30%, outpacing
the US land rig count increase of 16%.



Sequentially, Well Construction pretax operating margin of 13% improved by 209
bps due to higher drilling activity following the seasonal recovery in the
Northern Hemisphere, higher drilling in US land, increased volume of activity in
Europe & Africa and the Middle East and increased higher-margin offshore
exploration activity in Africa.

Production Systems

Production Systems revenue of $1.7 billion increased 6% sequentially driven by higher sales of surface, subsea, and well production systems.

Sequentially, Production Systems pretax operating margin of 10% expanded 146 bps as a result of higher sales of surface, well, and subsea production systems.













                                       21
--------------------------------------------------------------------------------


                  Six Months 2021 Compared to Six Months 2020



                                                           (Stated in millions)

                            Six Months 2021              Six Months 2020
                                       Income                    Income (Loss)
                                       Before                       Before
                          Revenue       Taxes      Revenue           Taxes
Digital & Integration     $  1,590     $   521     $  1,503     $           259
Reservoir Performance        2,119         258        3,139                 156
Well Construction            4,045         482        4,904                 511
Production Systems           3,271         309        3,469                 336
Eliminations & other          (168 )       (99 )       (204 )               (90 )
                                         1,471                            1,172
Corporate & other (1)                     (288 )                           (397 )
Interest income (2)                          9                               22
Interest expense (3)                      (264 )                           (266 )
Charges and credits (4)                      -                          (12,247 )
                          $ 10,857     $   928     $ 12,811     $       (11,716 )



(1) Comprised principally of certain corporate expenses not allocated to the

segments, stock-based compensation costs, amortization expense associated

with certain intangible assets, certain centrally managed initiatives and

other nonoperating items.

(2) Interest income excludes amounts which are included in the segments' income

($1 million in 2021; $1 million in 2020).

(3) Interest expense excludes amounts which are included in the segments' income

($8 million in 2021; $15 million in 2020).

(4) Charges and credits are described in detail in Note 2 to the Consolidated

    Financial Statements.




Six-month 2021 revenue of $10.9 billion decreased 15% year-on-year reflecting
the significant fall in activity following the historic demand destruction
driven by the COVID-19 pandemic that commenced in early 2020. More than a year
after the unprecedented global health and economic crisis sparked by the
pandemic began, customers have gradually increased their spending. Revenue also
declined year-on-year, particularly in North America, following the divestitures
of the OneStim® pressure pumping business and the low-flow artificial lift
business during the fourth quarter 2020. These divestitures were consistent with
Schlumberger's strategy to focus on high-grading and rationalizing its business
portfolio to expand margins, minimize earnings volatility, and focus on more
capital efficient businesses. Excluding the impact of these divestitures, which
generated $818 million of revenue (all of which was in North America) during the
first six months of 2020, global revenue declined 9% year-on-year.

In North America revenue declined 37% year-on-year; however, excluding the
impact of the previously described divestitures, six-month revenue only declined
16%. International revenue declined 8% driven by significant activity decreases
in Europe/CIS/Africa and the Middle East & Asia.

Six-month 2021 pretax operating margin of 14% was 440 bps higher compared to the
same period last year despite the 15% decline in revenue, due to the divestiture
of certain businesses in North America, which were previously dilutive to
margins, combined with reduced depreciation and amortization expense following
the asset impairment charges recorded during 2020 and the effects of cost
reduction measures.

Digital & Integration


Six-month 2021 revenue of $1.6 billion increased 6% year-on-year primarily
driven by higher APS project revenue from higher production and improved oil
prices, as well as the absence of production interruptions in the APS projects
in Ecuador that were caused by a major land slide in the second quarter of 2020.

Year-on-year, pretax operating margin increased 16 percentage points to
33%. Operating margin increased due to improved profitability from APS projects
as a result of higher oil prices and reduced amortization following the asset
impairment charges that were recorded during the first six months of 2020
relating to certain APS investments in North America and Latin America.

                                       22

--------------------------------------------------------------------------------

Reservoir Performance


Six-month 2021 revenue of $2.1 billion decreased 32% year-on-year largely due to
the effects of the pandemic. The revenue decline also reflected the effects of
the OneStim divestiture, which generated $741 million of revenue during the
first six months of 2020. Excluding the impact of the OneStim divestiture,
revenue declined 12% year-on-year.

Year-on-year, pretax operating margin increased by 721 bps to 12% despite the
significant drop in revenue, primarily due to the divestiture of the OneStim
business, which was previously dilutive to margins.

Well Construction


Six-month 2021 revenue of $4.0 billion decreased 18% year-on-year due to the
significant drop in rig count in North America and internationally due to the
effects of the pandemic.

Year-on-year, pretax operating margin increased 147 bps to 12% despite the significant drop in revenue. Margin expanded largely as a result of the implementation of cost control measures.

Production Systems

Six-month 2021 revenue of $3.3 billion decreased 6% year-on-year, primarily driven by the North America short-cycle business due to the significant decline in completions activity as a result of the pandemic.

Year-on-year, pretax operating margin decreased 23 bps to 9% due to reduced profitability in midstream and subsea production systems.

Interest and Other Income

Interest & other income consisted of the following:



                                                                                       (Stated in millions)

                                          Second Quarter       First Quarter             Six Months
                                               2021                2021              2021           2020
Equity in net earnings of affiliated
companies                                $             10     $            14     $       25     $       49
Interest income                                         6                   5             10             23
                                         $             16     $            19     $       35     $       72


Other

Research & engineering and General & administrative expenses, as a percentage of
Revenue, for the second quarter and first quarter of 2021 and six months ended
June 30, 2021 and 2020 were as follows:



                          Second Quarter       First Quarter        Six Months
                               2021                2021           2021      2020
Research & engineering                2.4 %               2.6 %     2.5 %     2.5 %
General & administrative              1.2 %               1.5 %     1.4 %     1.6 %



The effective tax rate for the second quarter of 2021 was 18%, as compared to 19% for the first quarter of 2021.


The effective tax rate for the first six months of 2021 was 19%, as compared to
8% for the same period of 2020. The increase in the effective tax rate was
primarily due to the charges and credits described in Note 2 to the Consolidated
Financial Statements which reduced the effective tax rate for the first six
months of 2020 by 10 percentage points as a significant portion of these charges
were not tax-effective.

                                       23
--------------------------------------------------------------------------------

Charges and Credits

Schlumberger did not record any charges or credits during the first six months of 2021.


During the first six months of 2020 Schlumberger recorded the following charges
and credits which are fully described in Note 2 to the Consolidated Financial
Statements:



                                                              (Stated in millions)

                                                  Pretax        Tax         Net
First quarter:
Goodwill                                         $  3,070     $     -     $  3,070
Intangible assets                                   3,321         815        2,506
Asset Performance Solutions investments             1,264          (4 )     

1,268

North American pressure pumping                       587         133          454
Severance                                             202           7          195
Other                                                  79           9           70
Valuation allowance                                     -        (164 )        164
Second quarter:                                                                  -
Workforce reductions                                1,021          71          950
Asset Performance Solutions investments               730          15          715
Fixed asset impairments                               666          52          614
Inventory write-downs                                 603          49          554
Right-of-use asset impairments                        311          67       

244

Costs associated with exiting certain activities 205 (25 )

230

Multiclient seismic data impairment                   156           2       

154

Repurchase of bonds                                    40           2       

38

Postretirement benefits curtailment gain              (69 )       (16 )        (53 )
Other                                                  61           4           57
                                                 $ 12,247     $ 1,017     $ 11,230

Liquidity and Capital Resources


Details of the components of liquidity as well as changes in liquidity follow:



                                                                   (Stated in millions)

                                                Jun. 30,       Jun. 30,       Dec. 31,
Components of Liquidity:                          2021           2020           2020
Cash                                           $    1,439     $    1,462     $      844
Short-term investments                              1,243          2,127          2,162
Short-term borrowings and current portion of
long-term debt                                        (36 )         (603 )         (850 )
Long-term debt                                    (15,687 )      (16,763 )      (16,036 )
Net debt (1)                                   $  (13,041 )   $  (13,777 )   $  (13,880 )




                                       24
--------------------------------------------------------------------------------



                                                           Six Months Ended Jun. 30,
Changes in Liquidity:                                      2021                2020
Net income (loss)                                      $         755       $     (10,796 )
Impairment and other charges                                       -        

12,247

Depreciation and amortization (2)                              1,058        

1,396

Earnings of equity method investments, less dividends received

                                                         (15 )               (26 )
Deferred taxes                                                   (18 )            (1,050 )
Stock-based compensation expense                                 156        

213

Increase in working capital (3)                                 (758 )              (423 )
US Federal tax refund                                            477                   -
Other                                                             (6 )                26
Cash flow from operations                                      1,649               1,587
Capital expenditures                                            (421 )              (658 )
APS investments                                                 (188 )              (224 )
Multiclient seismic data costs capitalized                       (12 )               (61 )
Free cash flow (4)                                             1,028                 644
Dividends paid                                                  (349 )            (1,386 )
Proceeds from employee stock plans                                62        

69

Stock repurchase program                                           -        

(26 ) Business acquisitions and investments, net of cash acquired plus debt assumed

                                       (35 )               (20 )
Net proceeds from asset divestitures                               -        

298

Other                                                            (30 )      

(130 ) Change in net debt before impact of changes in foreign exchange rates on net debt

                                       676        

(551 ) Impact of changes in foreign exchange rates on net debt

                                                             163                 (99 )
Decrease (increase) in net debt                                  839                (650 )
Net debt, beginning of period (1)                            (13,880 )           (13,127 )
Net debt, end of period (1)                            $     (13,041 )     $     (13,777 )



(1) "Net debt" represents gross debt less cash and short-term

investments. Management believes that Net debt provides useful information

regarding the level of Schlumberger's indebtedness by reflecting cash and

    investments that could be used to repay debt. Net debt is a non-GAAP
    financial measure that should be considered in addition to, not as a
    substitute for or superior to, total debt.

(2) Includes depreciation of property, plant and equipment and amortization of

intangible assets, multiclient seismic data costs, and APS investments.

(3) Includes severance payments of approximately $184 million and $426 million

during the six months ended June 30, 2021 and 2020, respectively.

(4) "Free cash flow" represents cash flow from operations less capital

expenditures, APS investments and multiclient seismic data costs capitalized.

Management believes that free cash flow is an important liquidity measure for

the company and that it is useful to investors and management as a measure of

our ability to generate cash. Once business needs and obligations are met,

this cash can be used to reinvest in the company for future growth or to

return to shareholders through dividend payments or share repurchases. Free

cash flow does not represent the residual cash flow available for

discretionary expenditures. Free cash flow is a non-GAAP financial measure

that should be considered in addition to, not as substitute for or superior

to, cash flow from operations.



In view of the uncertainty of the depth and extent of the contraction in oil
demand due to the COVID-19 pandemic combined with the weaker commodity price
environment at the time, in April 2020 Schlumberger announced a 75% reduction to
its quarterly cash dividend. The revised dividend supports Schlumberger's value
proposition through a balanced approach of shareholder distributions and organic
investment, while providing flexibility to address the uncertain
environment. This decision reflected the Company's focus on its capital
stewardship program as well as its commitment to maintain both a strong
liquidity position and a strong investment grade credit rating that provides
privileged access to the financial markets.

Key liquidity events during the first six months of 2021 and 2020 included:

• On January 21, 2016, the Board approved a $10 billion share repurchase program

for Schlumberger common stock. Schlumberger had repurchased $1.0 billion of

Schlumberger common stock under this program as of June 30, 2021. Schlumberger

did not repurchase any of its common stock during the first six months of

   2021. Schlumberger repurchased $26 million of its common stock during the
   first six months of 2020.


                                       25
--------------------------------------------------------------------------------

•Capital investments (consisting of capital expenditures, APS investments and

multiclient seismic data capitalized) were $0.6 billion during the first six

months of 2021 compared to $0.9 billion during the first six months of

2020. Capital investments during the full year of 2021 are expected to be

between $1.5 billion and $1.7 billion as compared to $1.5 billion for the full

   year 2020.



• During the second quarter of 2021, Schlumberger repurchased all $665 million

   of its 3.30% Senior Notes due 2021.



• During the second quarter of 2021, Schlumberger received a federal tax refund

of $477 million relating to the carryback of US net operating losses pursuant

   to the Coronavirus Aid, Relief and Economy Security Act.



• During the first quarter of 2020, Schlumberger issued €400 million of 0.25%

   Notes due 2027 and €400 million of 0.50% Notes due 2031.



• During the first quarter of 2020, Schlumberger completed the sale of its 49%

interest in the Bandurria Sur Block in Argentina. The net cash proceeds from

this transaction, combined with the proceeds received from the divestiture of

   a smaller APS project, amounted to $298 million.



• During the second quarter of 2020, Schlumberger issued €1.0 billion of 1.375%

Guaranteed Notes due 2026, $900 million of 2.650% Senior Notes due 2030 and

   €1.0 billion of 2.00% Guaranteed Notes due 2032.



• During the second quarter of 2020, Schlumberger repurchased all $600 million

of its 4.20% Senior Notes due 2021 and $935 million of its 3.30% Senior Notes

due 2021. Schlumberger paid a premium of approximately $40 million in

connection with these repurchases. This premium was classified in Impairments

& other in the Consolidated Statement of Income (Loss). See Note 2 - Charges

   and Credits.



• During the second quarter of 2020, Schlumberger established a €5.0 billion

Guaranteed Euro Medium Term Note program that provides for the issuance of

various types of debt instruments such as fixed or floating rate notes in

euro, US dollar or other currencies. Schlumberger has not issued any debt

under this program.

As of June 30, 2021, Schlumberger had $2.68 billion of cash and short-term investments on hand. Schlumberger had committed debt facility agreements aggregating $6.65 billion, of which $6.45 billion was available and unused. Schlumberger believes these amounts are sufficient to meet future business requirements for at least the next 12 months.

Borrowings under the commercial paper programs at June 30, 2021 were $0.2 billion.


Schlumberger maintains an allowance for doubtful accounts in order to record
accounts receivable at their net realizable value.  Judgment is involved in
recording and making adjustments to this reserve.  Allowances have been recorded
for receivables believed to be uncollectible, including amounts for the
resolution of potential credit and other collection issues such as disputed
invoices.  Adjustments to the allowance may be required in future periods
depending on how such potential issues are resolved, or if the financial
condition of Schlumberger's customers were to deteriorate resulting in an
impairment of their ability to make payments.  As a large multinational company
with a long history of operating in a cyclical industry, Schlumberger has
extensive experience in working with its customers during difficult times to
manage its accounts receivable.



Schlumberger generates revenue in more than 120 countries.  As of June 30, 2021,
only five of those countries individually accounted for greater than 5% of
Schlumberger's net receivable balance, of which only two (the United States and
Mexico) accounted for greater than 10% of such receivables.



At times in recent periods, Schlumberger has experienced delays in payments from
its primary customer in Mexico.  Included in Receivables, less allowance for
doubtful accounts in the Consolidated Balance Sheet as of June 30, 2021 is
approximately $0.7 billion of receivables relating to Mexico.  Schlumberger's
receivables from its primary customer in Mexico are not in dispute and
Schlumberger has not historically had any material write-offs due to
uncollectible accounts receivable relating to this customer.

FORWARD-LOOKING STATEMENTS


This second-quarter 2021 Form 10-Q, as well as other statements we make,
contains "forward-looking statements" within the meaning of the federal
securities laws, which include any statements that are not historical facts.
Such statements often contain words such as "expect," "may," "can," "believe,"
"predict," "plan," "potential," "projected," "projections," "forecast,"
"estimate," "intend," "anticipate," "ambition," "goal," "target," "think,"
"should," "could," "would," "will," "see," "likely," and other similar words.

                                       26

--------------------------------------------------------------------------------



Forward-looking statements address matters that are, to varying degrees,
uncertain, such as statements about Schlumberger's financial and performance
targets and other forecasts or expectations regarding, or dependent on, its
business outlook; growth for Schlumberger as a whole and for each of its
Divisions (and for specified business lines, geographic areas or technologies
within each Division); oil and natural gas demand and production growth; oil and
natural gas prices; forecasts or expectations regarding the energy transition
and global climate change; improvements in operating procedures and technology;
capital expenditures by Schlumberger and the oil and gas industry; the business
strategies of Schlumberger, including digital and "fit for basin," as well as
the strategies of Schlumberger's customers; Schlumberger's effective tax rate;
Schlumberger's APS projects, joint ventures, and other alliances; Schlumberger's
response to the COVID-19 pandemic and its preparedness for other widespread
health emergencies; access to raw materials; future global economic and
geopolitical conditions; future liquidity; and future results of operations,
such as margin levels. These statements are subject to risks and uncertainties,
including, but not limited to, changing global economic conditions; changes in
exploration and production spending by Schlumberger's customers and changes in
the level of oil and natural gas exploration and development; the results of
operations and financial condition of Schlumberger's customers and suppliers;
Schlumberger's inability to achieve its financial and performance targets and
other forecasts and expectations; Schlumberger's inability to achieve net-zero
carbon emissions goals or interim emissions reduction goals; general economic,
geopolitical and business conditions in key regions of the world; foreign
currency risk; pricing pressure; inflation; weather and seasonal factors;
unfavorable effects of health pandemics; availability and cost of raw materials;
operational modifications, delays or cancellations; challenges in Schlumberger's
supply chain; production declines; Schlumberger's inability to recognize
efficiencies and other intended benefits from its business strategies and
initiatives, such as digital or Schlumberger New Energy, as well as its
restructuring and structural cost reduction plans; changes in government
regulations and regulatory requirements, including those related to offshore oil
and gas exploration, radioactive sources, explosives, chemicals and
climate-related initiatives; the inability of technology to meet new challenges
in exploration; the competitiveness of alternative energy sources or product
substitutes; and other risks and uncertainties detailed in this Form 10-Q and
our most recent Form 10-K and Forms 8-K filed with or furnished to the SEC. If
one or more of these or other risks or uncertainties materialize (or the
consequences of any such development changes), or should our underlying
assumptions prove incorrect, actual outcomes may vary materially from those
reflected in our forward-looking statements. Statements in this second-quarter
2021 Form 10-Q are made as of July 28, 2021, and Schlumberger disclaims any
intention or obligation to update publicly or revise such statements, whether as
a result of new information, future events or otherwise.

© Edgar Online, source Glimpses

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