Using a suite of remote solutions, including remote customer-witness factory integration testing (FIT), a remote master control station, and integrated control and safety systems, OneSubsea was able to provide overviews of system functionality without requiring onsite witnessing. fast paced at times, long demanding days in poor conditions, management sucks, supervisors middle of the road, pay was fair and no problem getting time off. The approach will use a combination of automated, traditional domain workflows and workflows driven by machine learning and AI to rapidly provide insights into development strategies for optimizing production across the life cycle of the assets. At the conclusion of the conference call, an audio replay will be available until August 24, 2020 by dialing +1 (866) 207-1041 within North America, or +1 (402) 970-0847 outside North America, and providing the access code 7688409. She added: “As a service company, we must adjust our resources to our customers’ demand in line with business activity, therefore, we are in a position of having to consider reducing our headcount. Premium content requires special account permissions. *These are non-GAAP financial measures. Cameron revenue declined 19% sequentially, mostly due to North America land activity decline in Surface Systems and Valves & Process Systems. 10) What are the components of depreciation and amortization expense for the second quarter of 2020 and the first quarter of 2020? All Rights Reserved. Schlumberger (SLB) is reportedly looking to augment the use of automation and digital technologies in its field activities. Schlumberger CEO Olivier Le Peuch commented, “Before addressing our results, I would like to pay tribute to our employees and contractors for their remarkable resilience in the face of the historic COVID-19 pandemic that confronts us all. The GAIA* digital subsurface platform enables customers to securely and instantly access multidomain, evergreen E&P data as a subscription from a growing number of content providers. Pros . They have embraced digital remote operations, adjusted work practices to mitigate contamination risks, and delivered benchmark safety and service quality performance for our customers. “By business segment sequentially, second-quarter revenue for Reservoir Characterization and Drilling fell 20% and 24%, respectively. Baker Hughes follows OKC layoffs with more in Houston April 24, 2020 . It is thought OneSubsea’s offshore division in Portlethen employs around 130 workers. North America offshore revenue decreased less severely, 12% sequentially. AP; July 25, 2020, 08:13 IST Deploying these solutions in the current challenging industry environment can help customers maintain business continuity and improve their teams' performance worldwide. En 1940, à cause de la guerre e… The components of the $3.7 billion net pretax charge are as follows (in millions): Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. “We have started collective consultation regarding a potential headcount reduction for operations activity based out of Portlethen, Aberdeen. En 1926, la société est créée en tant que Société de prospection électrique (SPE) par Conrad et Marcel Schlumberger. This margin expansion was evident both in North America and internationally. 7) How many shares of common stock were outstanding as of June 30, 2020 and how did this change from the end of the previous quarter? “Our employees and contractors have shown outstanding adaptability to the new working environment with up to 55,000 of our people working remotely to maintain business continuity. Schlumberger Online Conference Working Together. The pandemic hurt the entire economy, but it came down on the oil & gas industry especially hard. Those structural changes and related layoffs are needed to survive the industry downturn but expected to cost the company up to $1.4 billion, Schlumberger CEO Olivier Le … GAIA Xchange* data marketplace, the world’s first digital E&P data marketplace, was launched in the first Schlumberger Online Conference. We need a little more information from you before we can grant you access. Schlumberger slashes 21,000 jobs amid pandemic oil rout. This was mainly due to lower Wireline activity in North America land and the Eastern Middle East and Sub-Sahara Africa GeoMarkets. On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020. The call is scheduled to begin at 8:30 a.m. HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. Interest income of $7 million for the second quarter of 2020 decreased $8 million sequentially. Testing Services revenue was also lower mainly in the Sub-Sahara Africa GeoMarket as a result of completed projects and delayed and cancelled activities due to COVID-19. BP is now considering conducting all future FITs remotely, which would result in significant cost savings related to travel and further reduce operational risk. 9) What was the unamortized balance of Schlumberger’s investment in APS projects at June 30, 2020? Relates to the carrying value of certain APS projects in Latin America. “We believe the decisive and comprehensive measures we have taken to face the industry reality will continue to protect our liquidity and cash positions and allow us to expand our margins. “Altogether, I am extremely proud of our operational and financial performance during the quarter as we continue to build the foundation for our future success while we navigate the trough of this downcycle. Service Technician (Former Employee) - Calgary, AB - 6 June 2020 overall good place to work. Reservoir Characterization pretax operating margin of 18% rebounded 357 bps sequentially despite the significant revenue decline. Includes a $42 million increase to the allowance for the doubtful accounts. Average benefits with 6% matching 401K (good luck making it to fully vested status). It involved wellbores with up to 80° of inclination and large overbalance, resulting in approximately USD 2 million in operating cost savings. Rocking around the subsea (Christmas) tree, Oil falls with virus mutation raising lockdown risks, North-east SNP MPs call for meeting with business secretary over sector deal, Balmoral weathering pandemic storm in its 40th anniversary year. Q2 2020 Earnings Release, with Financial Tables (328 KB PDF) Working 80-110 hour work weeks is exhausting. We regret that on top of the cost cutting measures already taken, we have to consider redundancies given the business outlook for the oil and gas.”. En 1934, Schlumberger Well Surveying Corporation (désormais Schlumberger Wireline) est créée. This was due to our swift and decisive actions to reduce operating costs, restructure, and rationalize our asset base. Schlumberger Ltd., the world’s largest oil-field services company, cut about 21,000 WesternGeco® revenue declined as a project was completed in the Middle East, while Software Integrated Solutions (SIS) revenue declined slightly as well. GAIA Data Discovery and Marketplace Platform, ConcentraFlo Pipeline Chemistry Solutions and Service, ChemWatcher Integrated Chemical Management System, Process Live Data-Enriched Performance Service, ACTive Real-Time Downhole Coiled Tubing Services, CoilTOOLS CT Intervention Tools and Solutions, ProActive Drilling Asset Management Services, Schlumberger Announces Second-Quarter 2020 Results, Q2 2020 Earnings Release, with Financial Tables, Q2 2020 Earnings Conference Call Prepared Remarks, Q2 2020 Earnings Conference Call Transcript, (Stated in millions, except per share amounts), Diluted EPS (loss per share) - GAAP basis, Diluted EPS, excluding charges & credits*, Shares issued under employee stock purchase plan, Average shares outstanding, assuming dilution, Amortization of multiclient seismic data costs capitalized, Costs associated with exiting certain activities, Worldwide revenue of $5.4 billion decreased 28% sequentially, International revenue of $4.1 billion decreased 19% sequentially, North America revenue of $1.2 billion decreased 48% sequentially, GAAP loss per share, including charges and credits of $2.52 per share, was $2.47, EPS, excluding charges and credits, was $0.05, Cash flow from operations was $803 million and free cash flow was $465 million, Board approved quarterly cash dividend of $0.125 per share. North America and international revenues declined 48% and 18%, respectively. It was $282 million at the end of the first quarter of 2020. However, subsequent waves of potential COVID-19 resurgence pose a negative risk to this outlook. Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. Kuwait Oil Company awarded Schlumberger a five-year contract with an optional one-year extension valued at USD 320 million for the provision of coiled tubing and stimulation services. To download this file you first sign in to your Schlumberger account. See sections titled "Charges & Credits" and "Segments" for details. Reservoir Characterization revenue of $1.1 billion, 84% of which came from the international markets, decreased 20% sequentially. Schlumberger entered into a collaboration agreement with China Petroleum Logging Co., Ltd (CPL), a subsidiary of China National Petroleum Corporation (CNPC), to jointly manufacture fit-for-basin wireline downhole technology in China. Chevron has chosen to conduct layoffs to try … Q2 2020 Earnings Conference Call Prepared Remarks (172 KB PDF) The contract, valued at USD 143 million, includes subsea trees, an integrated boosting and manifold system, a unified control system, an integrated power-control umbilical, a virtual flow metering solution, and estimated services. 66. Performing Together. Statements in this second-quarter 2020 earnings release are made as of July 24, 2020, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise. The project consists of four deepwater wells and a 19-km tieback system to a newly built platform—the Lufeng 15-1—which will act as a central production and processing facility for the Lufeng development project. SEEIT strikes £110m deal to acquire solar and storage projects in US, Octopus Energy reaches £1.5bn valuation amid Japan plans, Global ventures pay off for Craig International, More Asia Pacific firms tap loans linking rates to sustainable goals. Meanwhile, OneSubsea® revenue was resilient, only declining slightly with international revenue growing sequentially, but offset by a decline in North America. Job completion bonuses are nice, if you are eligible to receive them. DPR is adopting Schlumberger digital technologies in alignment with its commitment to promoting Nigeria’s oil and gas assets online to a global audience in a secure digital environment. International revenue decreased due mostly to COVID-19 disruptions—mainly in the Latin America South, Sub-Sahara Africa, Saudi Arabia & Bahrain, and Eastern Middle East GeoMarkets. SBM Offshore awarded Schlumberger five contracts for the provision of a comprehensive portfolio of processing technologies to be used on a floating production, storage, and offloading (FPSO) vessel. “Looking at the macro view in the near-term, oil demand is slowly starting to normalize and is expected to improve as government measures support consumption. Fluid identification was performed in real-time, in multiple reservoir horizons. The packages will be delivered in 2022 and include NATCO DUAL FREQUENCY* electrostatic treaters, CYNARA* acid gas removal membrane systems, VORTOIL* deoiling hydrocyclones, and EPCON Dual* compact flotation units. Stock analysis for Schlumberger NV (SLB:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Up to 90 staff of OneSubsea, a … Click below to get started. A few examples of this included: This quarter’s contract awards reflect the diversity of our business models in different basins around the globe, including alignment with in-country value, offshore processing, and subsea integration. Internationally, markets may continue to be disrupted by the pandemic and will continue to adjust to budget levels set during the second quarter, but this would be mostly offset by the seasonal return of activity in the Northern Hemisphere and the rebound of Latin America from its second-quarter weakness. Employee separations in connection with this action is expected to start April 22, 2020 and continue through June 2020. (To view PDF files, get Adobe Acrobat Reader.). Under the MOU, Honghua will manufacture and sell rigs that have plug-and-play capability with the DrillOps solution, which integrates planning and operations while automating well construction tasks in order for the rig to operate at peak performance throughout the execution of the drilling plan. In addition, significant progress was also made in improving the results of previously underperforming business units and digital technology adoption has increased. The safety of our people remains paramount. North America area consolidated revenue of $1.2 billion was 48% lower sequentially with North America land revenue falling 60%, in line with the decline in rig and hydraulic fracturing stage counts, as customers dramatically cut back spending. 2) What were the cash flow from operations and free cash flow for the second quarter of 2020? Relates to assets under operating leases associated with leased facilities Schlumberger is exiting and excess equipment. The service—comprised of BroadBand Shield* fracture-geometry control technology and the equipment required—was deployed in conjunction with a pumping and wellsite equipment services provider. The contract includes four years of operations and maintenance support with an optional one-year extension. This was driven by the precipitous drop in OneStim pressure-pumping activity in North America land. “In response to market conditions, we recorded $3.7 billion of pretax restructuring and asset impairment charges, including $1 billion of severance costs, as of the end of the quarter. By techstaffer in Schlumberger on December 11, 2020 December 11, 2020. The Europe-based company with U.S. headquarters in Houston hinted earlier in the week that layoffs might occur and now an Oklahoma subsidiary, Cameron Drilling announced employee terminations will begin in June and July. I worked at Schlumberger full-time for more than a year. Outperformance was delivered by prompt cost reduction measures in compensation through headcount rationalization and furloughs, particularly in SIS, WesternGeco, and Wireline. 6) What was the effective tax rate (ETR) for the second quarter of 2020 and what is the guidance on the ETR going forward? A spokeswoman for OneSubsea said the firm had been “severely impacted” by the economic consequences of the Covid-19 pandemic and the decline in oil price. To access the call, which is open to the public, please contact the conference call operator at +1 (844) 721-7241 within North America, or +1 (409) 207-6955 outside North America, approximately 10 minutes prior to the call’s scheduled start time, and provide the access code 4013483. We cannot say at this stage how many people may be impacted. Overall this quarter, we posted a decremental operating margin of 18% sequentially. The margin contraction was primarily in North America, while international margin was resilient and flat sequentially. How does this reconcile to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share, excluding charges and credits? The weighted average number of shares outstanding was 1.388 billion during the second quarter of 2020 and 1.387 billion during the first quarter of 2020. Up to 90 staff of OneSubsea, a subsea services and equipment subsidiary of oilfield services giant Schlumberger, are part of the consultation to reduce the company’s headcount in Portlethen. The vast majority of this charge is expected to be paid during the second half of 2020. Elle fut fondée en France sous le nom de « Société de prospection électrique » en 1926 par deux Alsaciens, les frères Conrad et Marcel Schlumberger, grâce à leurs idées innovantes pour détecter différents types de roches par conductivité électrique. Schlumberger second-quarter revenue declined 28% sequentially, caused by the unprecedented fall in North America activity, and international activity drop due to downward revisions to customer budgets accentuated by COVID-19 disruptions. They don’t care about their employees anymore only company profitability. 12) What was the WesternGeco backlog at the end of the second quarter of 2020? Capex is expected to be approximately $1.1 billion in 2020 as compared to $1.7 billion in 2019. Represents the write-down of inventory to its net realizable value. Schlumberger-Private Via US Mail and Email To: June 22, 2020 Ms. Kimberly Kolvig Rapid Response Statewide Coordinator Alaska Department of Labor and Workforce Development P.O. The margin decline was due to reduced profitability in North America land from the dramatic fall in activity, which mostly impacted the OneStim margin. International margin declined also, albeit less severely, driven by the drop in APS revenue in Ecuador and the reduction of Well Services activity. Join us October 27. Office +1 (713) 375-3535 International revenue declined 19% sequentially with Latin America and Africa experiencing the largest revenue declines due to COVID-19-related restrictions and the drop in deepwater activity. Company information: Industry/Area of Activity: Oil Equipment, Services & Distribution Company Stock Ticker: SLB Stock traded at: NYSE Industry Code: 573 About Schlumberger Ltd.: Schlumberger is a large oilfield services company. The Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high-quality deep transient testing on wireline—without flaring—to prove economic producibility. Interest expense of $144 million increased $8 million sequentially. This technology collaboration will enable CPL to significantly improve their logging capabilities in horizontal and vertical wells across China while increasing Schlumberger’s participation in this market. Cameron pretax operating margin of 8% declined by 180 bps sequentially, posting a 17% decremental operating margin. This amount consisted of earnings of equity method investments of $26 million and interest income of $7 million. As part of this technology access agreement, Schlumberger will support CPL on the manufacturing and sustaining activities for ThruBit* through-the-bit logging services technology at the CPL technology center in Xi’an, Shaanxi province. 1) What is the capital investment guidance for the full year 2020? investor-relations@slb.com. After 60 days, the infill well treated with BroadBand Shield technology, located closest to the parent well, achieved approximately 10% higher production performance compared to an adjacent infill well farther from the parent well. The increasing number of horizontal wells undertaken by CNPC each year has made the differentiated technology of the ThruBit services platform essential to their reservoir evaluation strategy. A joint Dragon Oil and Schlumberger team will use this approach to enhance productivity of Dragon Oil’s Lam Main and Lam West Fields in Turkmenistan. 37. © Energy Voice 2020. Scores of workers are facing redundancy at a subsea equipment firm in Aberdeenshire following a drop off in work. First oil is scheduled for delivery in late 2021. Absent these risks, we anticipate flat sequential revenue on a global basis and our pretax segment operating income and margin should expand as a result of our restructuring efforts, improved activity mix, and sustained benefits from technology adoption, including digital. North America and international revenues declined 17% and 20%, respectively. The results of our actions and continued success with technology—particularly digital—can be seen from our decremental margins and our strong free cash flow generation. Consolidated revenue in the Middle East & Asia area of $2.1 billion decreased 12% sequentially, primarily due to a significant drop in activity in the Eastern Middle East and South East Asia GeoMarkets from work delays, project suspensions, and completed contracts. As a next step, ExxonMobil and Schlumberger have finalized an enabling agreement for the deployment of DrillOps* on-target well delivery solution in ExxonMobil’s unconventional operations. In Malaysia, the SpectraSphere* fluid mapping-while-drilling technology has helped add value to PETRONAS brownfield assets. The ETR for the second quarter of 2020, calculated in accordance with GAAP, was 5.5% as compared to 8.9% for the first quarter of 2020. In the United Arab Emirates, Dragon Oil plc awarded Schlumberger a contract for deployment of agile reservoir modeling through the DELFI* cognitive E&P environment, the first implementation of this kind in the Middle East and North Africa region. Schlumberger Limited has executive offices in Paris, Houston, London, and The Hague, and reported revenues of $32.92 billion in 2019. SpectraSphere technology was successfully deployed in two field rejuvenation campaigns in the Temana and Dulang Fields, offshore Malaysia. The North America decline was driven by lower Surface Systems and Valves & Process Systems revenues while international activity decline was mainly due to lower Drilling Systems sales. Cameron revenue of $1.0 billion, 67% of which came from the international markets, decreased 19% sequentially. Three out of our four business segments and more than half of our 13 international GeoMarkets either expanded or maintained their international margins on a sequential basis. The WesternGeco backlog, which is based on signed contracts with customers, was $248 million at the end of the second quarter of 2020. US Eastern Time. After already furloughing employees, modifying work schedules, and voluntarily cutting executive salaries, Schlumberger is cutting jobs in Houston and shutting down two facilities in Texas. Drilling & Measurements and M-I SWACO accounted for most of the margin decline and experienced the largest drop in activity due to their sizeable footprint in North America land. The Russia & Central Asia GeoMarket was resilient as COVID-19 activity disruption was offset by the pickup of seasonal land activity in Russia, in preparation for the summer drilling campaigns. Box 115509 Juneau, Alaska 99811-5509 Email: kimberly.kolvig@alaska.gov RE: Notice of Layoffs: Schlumberger Technology Corporation – Amended June 17, 2020 Dear Ms. Kolvig: This letter is to inform you that … Houston-based Cameron International — a subsidiary of Schlumberger Inc. (NYSE: SLB) — plans to close two Texas facilities later in May, which will result in a round of layoffs. Williams & Williams is conducting the auctions along with Lee & Associates Commercial Real Estate Services. I would like to extend my heartfelt appreciation for their dedication and sacrifices while working in a difficult operating environment, and for their leadership in helping the communities where we live and work. As the pandemic lingers, we will remain cautious in our global operations. This speaks volumes about an industry confronted with historic oil demand and supply imbalances caused by demand destruction from the global COVID-19 containment effort. Scores of workers are facing redundancy at a subsea equipment firm in Aberdeenshire following a drop off in work. 4) How did interest income and interest expense change during the second quarter of 2020? The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. A week after Baker Hughes Co. announced the layoff of more than 200 workers at its Oklahoma City operations, the company said it would lay off more than 180 people in Houston where it is headquartered. Through our decisive actions, we protected our liquidity and cash positions, and sustained resilient international margins while navigating the trough of this downcycle. Thank you for signing up to our newsletter. The solution uses the Petrel* E&P software platform to improve subsurface insight and to identify bypassed reserves. The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. That facility was slated to lay off its employees in June and July. The Nigerian Department of Petroleum Resources (DPR) signed an agreement for the provision of a Schlumberger virtual data room in support of the first-ever virtual marginal fields bid round to be held this year. No comments. Le cours de l'action SCHLUMBERGER SLB sur Boursorama : historique de la cotation sur NYSE, graphique, actualités, consensus des analystes et informations boursières Experience is always good, if you want to stay in this industry after layoffs. Schlumberger, along with most other oil companies, is in the process of trying to cut costs to help deal with the economic downturn brought on by the Coronavirus. However, any further material COVID-19 disruption or significant setback in oil demand arising from a slower economic recovery could present downside risks to this outlook. Layoffs by Schlumberger are hitting Oklahoma. Production pretax operating margin of 2% contracted by 630 bps sequentially, posting a 17% decremental operating margin. 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