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Schlumberger Announces Second-Quarter 2013 Results

Stocks in this article: SLB

During mid-2012, Liquid Robotics and Schlumberger created Liquid Robotics Oil & Gas, a joint venture to develop innovative services for the oil and gas industry using Wave Glider®, the world’s first wave-powered, autonomous marine vehicle. Recently, around the Wheatstone area of Northwest Australia, Wave Gliders equipped with metrology sensors including turbidity were deployed for Chevron to conduct reliable baseline surveys prior to the start of their upstream and downstream dredging operations. A total of 1,424 nautical miles were covered over a 60-day period. Additional time-lapse measurements will be taken during and after the operations to validate environmental compliance. As Wave Glider technology deployments continue to expand, offshore oil and gas operators continue building confidence in their ability to solve some of the industry’s exploration and environmental monitoring challenges.

In North America, Schlumberger pioneered the deployment of bi-fuel or dual fuel technology for the diesel engines used in hydraulic fracturing operations, having implemented the technology in Canada more than two years ago. Bi-fuel operations make it possible for a diesel engine to run on a blend of diesel and natural gas such as compressed natural gas, liquefied natural gas or field gas. On land in the US, Schlumberger has multiple bi-fuel enabled crews deployed across the country as technology development continues with powerplant suppliers to implement optimized solutions for the North American market. Schlumberger completed its 600 th job in June 2013 using bi-fuel technology, and its bi-fuel operations have helped decrease overall fuel costs by 25-40% while lowering environmental impact without compromising safety or engine performance.

Reservoir Characterization Group

Second-quarter revenue of $3.01 billion increased 10% sequentially and grew 11% year-on-year. Pretax operating income of $908 million was 25% higher sequentially, and increased 21% year-on-year. Sequentially, the revenue increase was driven primarily by increased use of Wireline services as a result of strong exploration activity in the US Gulf of Mexico, Brazil, Sub-Saharan Africa and the Middle East. Revenue in Russia and China also grew sequentially following seasonal activity rebounds. WesternGeco revenue increased sequentially from higher multiclient sales ahead of licensing awards in Norway, the seasonal return of marine vessel activity in the North Sea, and higher UniQ* land seismic productivity in Saudi Arabia and Kuwait. SIS revenue increased also from higher product sales and software maintenance in Latin America and Europe/CIS/Africa.

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