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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: September 30, 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 September 30, 2020

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,392,030,009  

 

 

 

 

 

 

 


 

SCHLUMBERGER LIMITED

Third 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

24

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

33

 

 

 

 

Item 4.

 

Controls and Procedures

33

 

 

 

 

PART II

 

Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

34

 

 

 

 

Item 1A.

 

Risk Factors

34

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

34

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

34

 

 

 

 

Item 4.

 

Mine Safety Disclosures

34

 

 

 

 

Item 5.

 

Other Information

34

 

 

 

 

Item 6.

 

Exhibits

35

 

 

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF LOSS

(Unaudited)

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services

$

3,666

 

 

$

6,332

 

 

$

12,812

 

 

$

18,390

 

Product sales

 

1,592

 

 

 

2,209

 

 

 

5,257

 

 

 

6,299

 

Total Revenue

 

5,258

 

 

 

8,541

 

 

 

18,069

 

 

 

24,689

 

Interest & other income

 

22

 

 

 

21

 

 

 

94

 

 

 

61

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

3,127

 

 

 

5,371

 

 

 

11,236

 

 

 

15,794

 

Cost of sales

 

1,497

 

 

 

2,014

 

 

 

4,936

 

 

 

5,800

 

Research & engineering

 

137

 

 

 

176

 

 

 

452

 

 

 

527

 

General & administrative

 

85

 

 

 

120

 

 

 

293

 

 

 

345

 

Impairments & other

 

350

 

 

 

12,692

 

 

 

12,596

 

 

 

12,692

 

Interest

 

138

 

 

 

160

 

 

 

419

 

 

 

462

 

Loss before taxes

 

(54

)

 

 

(11,971

)

 

 

(11,769

)

 

 

(10,870

)

Tax expense (benefit)

 

19

 

 

 

(598

)

 

 

(901

)

 

 

(420

)

Net loss

 

(73

)

 

 

(11,373

)

 

 

(10,868

)

 

 

(10,450

)

Net income attributable to noncontrolling interests

 

9

 

 

 

10

 

 

 

24

 

 

 

20

 

Net loss attributable to Schlumberger

$

(82

)

 

$

(11,383

)

 

$

(10,892

)

 

$

(10,470

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share of Schlumberger

$

(0.06

)

 

$

(8.22

)

 

$

(7.84

)

 

$

(7.56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted loss per share of Schlumberger

$

(0.06

)

 

$

(8.22

)

 

$

(7.84

)

 

$

(7.56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,391

 

 

 

1,385

 

 

 

1,389

 

 

 

1,385

 

Assuming dilution

 

1,391

 

 

 

1,385

 

 

 

1,389

 

 

 

1,385

 

 

See Notes to Consolidated Financial Statements

 

 

3


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

Nine Months

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

$

(73

)

 

$

(11,373

)

 

$

(10,868

)

 

$

(10,450

)

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net change arising during the period

 

(94

)

 

 

(21

)

 

 

(200

)

 

 

18

 

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on cash flow hedges

 

36

 

 

 

(27

)

 

 

(195

)

 

 

(31

)

Reclassification to net income of net realized loss

 

7

 

 

 

3

 

 

 

12

 

 

 

7

 

Pension and other postretirement benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization to net loss of net actuarial loss

 

48

 

 

 

23

 

 

 

150

 

 

 

70

 

Amortization to net loss of net prior service credit

 

(2

)

 

 

(2

)

 

 

(13

)

 

 

(8

)

Impact of curtailment

 

-

 

 

 

-

 

 

 

(69

)

 

 

-

 

Income taxes on pension and other postretirement benefit plans

 

-

 

 

 

(1

)

 

 

10

 

 

 

(3

)

Comprehensive loss

 

(78

)

 

 

(11,398

)

 

 

(11,173

)

 

 

(10,397

)

Comprehensive income attributable to noncontrolling interests

 

9

 

 

 

10

 

 

 

24

 

 

 

20

 

Comprehensive loss attributable to Schlumberger

$

(87

)

 

$

(11,408

)

 

$

(11,197

)

 

$

(10,417

)

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Sept. 30,

 

 

 

 

 

 

2020

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

Cash

$

1,219

 

 

$

1,137

 

Short-term investments

 

2,618

 

 

 

1,030

 

Receivables less allowance for doubtful accounts (2020 - $299; 2019 - $255)

 

5,552

 

 

 

7,747

 

Inventories

 

3,542

 

 

 

4,130

 

Other current assets

 

1,284

 

 

 

1,486

 

 

 

14,215

 

 

 

15,530

 

Investments in Affiliated Companies

 

1,436

 

 

 

1,565

 

Fixed Assets less accumulated depreciation

 

7,396

 

 

 

9,270

 

Multiclient Seismic Data

 

344

 

 

 

568

 

Goodwill

 

12,968

 

 

 

16,042

 

Intangible Assets

 

3,573

 

 

 

7,089

 

Deferred Taxes

 

33

 

 

 

-

 

Other Assets

 

4,101

 

 

 

6,248

 

 

$

44,066

 

 

$

56,312

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

$

9,201

 

 

$

10,663

 

Estimated liability for taxes on income

 

974

 

 

 

1,209

 

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

 

1,292

 

 

 

524

 

Dividends payable

 

184

 

 

 

702

 

 

 

11,651

 

 

 

13,098

 

Long-term Debt

 

16,471

 

 

 

14,770

 

Postretirement Benefits

 

854

 

 

 

967

 

Deferred Taxes

 

-

 

 

 

491

 

Other Liabilities

 

2,721

 

 

 

2,810

 

 

 

31,697

 

 

 

32,136

 

Equity

 

 

 

 

 

 

 

Common stock

 

12,921

 

 

 

13,078

 

Treasury stock

 

(3,055

)

 

 

(3,631

)

Retained earnings

 

6,818

 

 

 

18,751

 

Accumulated other comprehensive loss

 

(4,743

)

 

 

(4,438

)

Schlumberger stockholders’ equity

 

11,941

 

 

 

23,760

 

Noncontrolling interests

 

428

 

 

 

416

 

 

 

12,369

 

 

 

24,176

 

 

$

44,066

 

 

$

56,312

 

 

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,

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(10,868

)

 

$

(10,450

)

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

 

 

 

 

 

 

 

Impairments and other charges

 

12,596

 

 

 

12,692

 

Depreciation and amortization (1)

 

1,983

 

 

 

2,741

 

Deferred taxes

 

(1,147

)

 

 

(833

)

Stock-based compensation expense

 

318

 

 

 

329

 

Earnings of equity method investments, less dividends received

 

(18

)

 

 

2

 

Change in assets and liabilities: (2)

 

 

 

 

 

 

 

Decrease (increase) in receivables

 

2,159

 

 

 

(429

)

Increase in inventories

 

(24

)

 

 

(400

)

Decrease (increase) in other current assets

 

202

 

 

 

(127

)

Decrease (increase) in other assets

 

25

 

 

 

(12

)

Decrease in accounts payable and accrued liabilities

 

(2,898

)

 

 

(266

)

Decrease in estimated liability for taxes on income

 

(261

)

 

 

(118

)

Decrease in other liabilities

 

(14

)

 

 

(19

)

Other

 

13

 

 

 

69

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

2,066

 

 

 

3,179

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(858

)

 

 

(1,230

)

APS investments

 

(252

)

 

 

(526

)

Multiclient seismic data costs capitalized

 

(86

)

 

 

(181

)

Business acquisitions and investments, net of cash acquired

 

(33

)

 

 

(21

)

(Purchase) sale of investments, net

 

(1,597

)

 

 

238

 

Net proceeds from divestitures

 

325

 

 

 

-

 

Other

 

(98

)

 

 

(88

)

NET CASH USED IN INVESTING ACTIVITIES

 

(2,599

)

 

 

(1,808

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(1,560

)

 

 

(2,077

)

Proceeds from employee stock purchase plan

 

146

 

 

 

196

 

Proceeds from exercise of stock options

 

-

 

 

 

23

 

Stock repurchase program

 

(26

)

 

 

(278

)

Proceeds from issuance of long-term debt

 

5,837

 

 

 

3,973

 

Repayment of long-term debt

 

(3,811

)

 

 

(3,396

)

Net increase (decrease) in short-term borrowings

 

96

 

 

 

(44

)

Other

 

(51

)

 

 

(18

)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

631

 

 

 

(1,621

)

Net increase in cash before translation effect

 

98

 

 

 

(250

)

Translation effect on cash

 

(16

)

 

 

-

 

Cash, beginning of period

 

1,137

 

 

 

1,433

 

Cash, end of period

$

1,219

 

 

$

1,183

 

 

 

(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 and divestitures.

 

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 – September 30, 2020

 

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2020

 

$

13,078

 

 

$

(3,631

)

 

$