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Schlumberger Announces Second-Quarter 2013 Results

Stocks in this article: SLB

In Colombia, the Schlumberger Drilling Group Petrotechnical Engineering Center provided well placement services and proprietary workflows on a horizontal well with complex lithology in the Apiay field for Ecopetrol. The integrated solution included use of PERFORMView* real-time drilling visualization, collaboration, and analysis software. The well was drilled and placed as planned, without sidetracks or lost-in-hole events.

In Alberta, Canada, Schlumberger Managed Pressure Drilling (MPD) services were used for Shell to reduce well drilling times in the Duvernay unconventional gas play. The horizontal sections of these wells have narrow pressure windows and extend to lengths beyond 7,000 ft. In order to overcome these challenges, the application of engineered MPD as part of a larger set of improvements to well design has helped Shell improve drilling rates by up to 124%.

In Brazil, the M-I SWACO DRILPLEX* mixed-metal-oxide water-based drilling fluid system was used for HRT Oil & Gas to mitigate the severe loss of circulation encountered while drilling the first onshore wells in the Solimões basin. The DRILPLEX system was effective in minimizing washouts and fluid losses to the formation, which helped optimize hole cleaning. As a result, the drilling time for the challenging interval was reduced from 6-8 days to 1.8 days, and the cost reduced by 45% compared with prior offset wells drilled with traditional fluids.

In Brazil, M-I SWACO MD-3 shaker technology was used by Diamond Offshore Brasdril on the deepwater semi-submersible Ocean Star. The MD-3 composite screen design and optimized screening allowed a considerably higher flow rate, an increased rate of penetration, and reduced drilling fluid cost through solids removal and lower dilution rates. Overall savings exceeding $13 million were realized in one single well.

Production Group

Second-quarter revenue of $3.93 billion increased 4% sequentially, and grew 6% year-on-year. Pretax operating income of $625 million was 13% higher sequentially and increased 4% year-on-year. Despite the seasonal decline in Western Canada as a result of the spring break-up, the Group posted overall sequential growth due to improving industry utilization of pressure pumping capacity in US land, increasing Well Intervention global coiled tubing activity, and strong international sales of Completions products. While US land rig count grew only marginally, well and stage counts increased through drilling efficiency, resulting in improved industry utilization of pressure pumping capacity. Although pricing remained competitive, the pace of decline has moderated sequentially.

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