New technology deployment was strong in the quarter with growing customer interest in new formation evaluation, drillbit and well intervention products and services. The OneSubsea™ joint venture was completed with Cameron, and we look forward to the opportunities for the best-in-class new subsea technologies and solutions that we expect this new organization to provide. Elsewhere, our growing integration capability has led to organizational changes that combine our leading project and production management businesses to fuel growth through joint expertise and portfolio alignment.The soft global economic picture has changed little since the first quarter. The U.S. has shown virtually no impact from the financial sequester, the Eurozone remains in recession, and data from China continue to be mixed. Given the lack of change, supply and demand for both oil and natural gas remain stable, which is also reflected in oil and gas prices. E&P spending, however, has been revised upwards making this year the fourth consecutive year of double-digit spending increases and pointing to the long-term nature of oil and gas developments. As a result, we continue to see consistent growth as spending plans are confirmed by rig count outlooks and customer activity. We remain confident in the industry outlook, our strategic positioning in the markets in which we operate, the strength of our technology portfolio and in our ability to further improve our overall performance.” Other Events
- During the quarter, Schlumberger repurchased 6.8 million shares of its common stock at an average price of $73.07 for a total purchase price of $500 million. This repurchase substantially completed the share repurchase program of $8 billion approved by the Board of Directors in April 2008. As of June 30, 2013, Schlumberger had repurchased over 105 million shares of common stock under the program for a total purchase price of $7.8 billion. The remaining balance of $187 million will be exhausted in the third quarter of 2013. On July 18, 2013, the Board of Directors approved a new share repurchase program of $10 billion to be completed at the latest by June 30, 2018.
- On June 24, 2013, Cameron and Schlumberger announced that OneSubsea™, a joint venture to manufacture and develop products, systems and services for the subsea oil and gas market, had received all required regulatory approvals. The parties closed the transaction on June 30, 2013. Schlumberger recognized a $1.03 billion gain as a result of this transaction.