Schlumberger Announces First-Quarter 2012 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2012 revenue of $10.61 billion versus $10.97 billion in the fourth quarter of 2011, and $8.72 billion in the first quarter of 2011.

Net income attributable to Schlumberger, excluding charges and credits, was $1.31 billion—a decrease of 12% sequentially but an increase of 35% year-on-year. Diluted earnings-per-share, excluding charges and credits, was $0.98 versus $1.11 in the previous quarter, and $0.71 in the first quarter of 2011.

Schlumberger recorded charges of $0.01 per share in the first quarter of 2012 versus $0.06 per share in the previous quarter, and $0.02 per share in the first quarter of 2011.

Oilfield Services revenue of $9.92 billion decreased 4% sequentially but increased 22% year-on-year. Pretax segment operating income of $1.94 billion was down 10% sequentially but increased 33% year-on-year.

Distribution revenue of $713 million increased 4% sequentially and 19% year-on-year. Pretax segment operating income of $35 million increased 32% sequentially and 56% year-on-year.

Schlumberger CEO Paal Kibsgaard commented, “While revenue fell as a result of the normal seasonal slowdown in product, software and multiclient sales, our first-quarter results showed good progress driven by global exploration and deepwater activity underpinned by strong execution and operational excellence.

Excluding seasonal sales effects, North America revenue was flat sequentially. On land, the move of rigs and service capacity from gas-rich to liquids-rich basins accelerated. Subsequently, the pricing weakness already experienced in the previous quarters also reached the liquids-rich basins. Offshore, increased drilling and deepwater exploration activity in the US Gulf of Mexico contributed positively to results.

Internationally, the normal impact of winter weather and year-end sales effects lowered revenue, but growing higher-margin exploration and deepwater activity in a number of regions, as well as strong execution in all parts of the business, kept margins flat sequentially. Land activity remained strong in the Middle East and North Africa.

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