-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BNqX0kXTDphwr4UrxQAA9Pigko9ojp8Gbgw9hH2fIi3me/9tambts1HdjirzsG+j erGU09u/cAvpW72Zj9m1Rw== 0000950123-11-004430.txt : 20110121 0000950123-11-004430.hdr.sgml : 20110121 20110121143813 ACCESSION NUMBER: 0000950123-11-004430 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110121 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110121 DATE AS OF CHANGE: 20110121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHLUMBERGER LTD /NV/ CENTRAL INDEX KEY: 0000087347 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 520684746 STATE OF INCORPORATION: P8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04601 FILM NUMBER: 11541142 BUSINESS ADDRESS: STREET 1: 5599 SAN FELIPE STREET 2: 17TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7135132000 MAIL ADDRESS: STREET 1: 5599 SAN FELIPE STREET 2: 17TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77056 FORMER COMPANY: FORMER CONFORMED NAME: SCHLUMBERGER NV DATE OF NAME CHANGE: 19920804 FORMER COMPANY: FORMER CONFORMED NAME: SCHLUMBERGER LTD DATE OF NAME CHANGE: 19880812 8-K 1 h79100e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 21, 2011
SCHLUMBERGER N.V.
(SCHLUMBERGER LIMITED)
(Exact name of registrant as specified in its charter)
         
Curaçao
(State or other jurisdiction
of incorporation) 		  1-4601
(Commission
File Number) 		  52-0684746
(IRS Employer
Identification No.)
42, rue Saint-Dominique, Paris, France 75007
5599 San Felipe, 17th Floor, Houston, Texas 77056
Parkstraat 83, The Hague, The Netherlands 2514 JG
(Addresses of principal executive offices and zip or postal codes)
Registrant’s telephone number in the United States, including area code: (713) 513-2000
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 7.01   Regulation FD Disclosure.
     As previously disclosed, Schlumberger Limited (“Schlumberger” or the “Company”) will change its reporting segments beginning with its quarter ending March 31, 2011. On a Form 8-K furnished to the Securities and Exchange Commission on December 9, 2010, Schlumberger provided unaudited pro forma historical consolidated financial information (“Pro Forma Information”) on the basis of the new reporting structure, giving effect to the acquisitions of Smith International, Inc. (“Smith”) and Geoservices as if they had occurred on January 1, 2008. Schlumberger is furnishing this Form 8-K to reflect 2010 Fourth Quarter and Full Year information in the Pro Forma Information.
     Background
     Schlumberger currently reports its results on the basis of two business segments, Oilfield Services and WesternGeco, and by geographical areas within Oilfield Services. As a result of the recent acquisitions of Smith and Geoservices, Schlumberger will change its primary reporting to product group segments (the “Groups”), effective with the first quarter of 2011. The Company will also continue to report its results on a geographical basis.
     The Groups are as follows:
  •   Reservoir Characterization Group: This group will consist of the principal Technologies involved in the finding and defining of hydrocarbon deposits. These include WesternGeco, Wireline, Well Testing, Schlumberger Information Services, and Data & Consulting Services.
 
  •   Drilling Group: This group will be comprised of Bits & Advanced Technologies, M-I SWACO, Geoservices, Drilling & Measurements, PathFinder, Drilling Tools & Remedial Services, Dynamic Pressure Management and IPM well construction projects.
 
  •   Reservoir Production Group: Includes Well Services, Completions and Artificial Lift Technologies together with Subsea and Water and Carbon Services activities, and the production activities of IPM.
     The Groups will collectively be referred to as “Oilfield Services.” Additionally, Schlumberger will also report the distribution business acquired in the Smith transaction as a separate segment.
     The Pro Forma Information is based on the historical consolidated statements of income of Schlumberger, Smith and Geoservices. The Pro Forma Information has been adjusted to reflect pro forma events that are directly attributable to the transactions and factually supportable. As such, the Pro Forma Information does not reflect any cost savings, operating synergies or revenue enhancements that the combined companies may achieve as a result of the transactions, the costs to integrate the operations of Schlumberger, Smith and Geoservices, or the costs necessary to achieve these cost savings, operating synergies and revenue enhancements.
     The Pro Forma Information has been presented for informational purposes only and is not necessarily indicative of what the combined companies’ results of operations would have been had the transactions actually been completed as of January 1, 2008. In addition, the Pro Forma Information does not purport to project the future operating results of the combined companies.
Item 9.01   Financial Statements and Exhibits.
     (d) Exhibits
     The exhibit listed below is furnished pursuant to Item 9.01 of this Form 8-K.
99.1   Unaudited Pro Forma Historical Consolidated Financial Information.     

 

 

SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  SCHLUMBERGER N.V.
(SCHLUMBERGER LIMITED)
 		  
  By:   /s/ Howard Guild    
    Howard Guild   
    Chief Accounting Officer   
 
Date: January 21, 2011

 

EX-99.1 2 h79100exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(LOGO)
Schlumberger Limited

Unaudited Pro Forma Historical

Consolidated Financial Information

 

 

(LOGO)
Unaudited Pro Forma Historical Consolidated Financial Information
Schlumberger Limited (“Schlumberger” or the “Company”) currently reports its results on the basis of two business segments, Oilfield Services and WesternGeco, and by geographical areas within Oilfield Services. As a result of the recent acquisitions of Smith International, Inc. (“Smith”) and Geoservices, Schlumberger has reached a point where its coverage of the various activities comprising exploration and production services is so broad that the Company will be changing the primary way in which it allocates resources and assesses performance. Consequently, as previously announced and effective with the first quarter of 2011, Schlumberger will change its primary reporting to product group segments (the “Groups”). Schlumberger believes that this change will give investors a better perspective on the different parts of its business. The Company will also continue to report its results on a geographical basis.
The Groups are as follows:
  •  
Reservoir Characterization Group: This group will consist of the principal Technologies involved in the finding and defining of hydrocarbon deposits. These include WesternGeco, Wireline, Well Testing, Schlumberger Information Services, and Data & Consulting Services.
 
  •  
Drilling Group: This group will be comprised of Bits & Advanced Technologies, M-I SWACO, Geoservices, Drilling & Measurements, PathFinder, Drilling Tools & Remedial Services, Dynamic Pressure Management and IPM well construction projects.
 
  •  
Reservoir Production Group: Includes Well Services, Completions and Artificial Lift Technologies together with Subsea and Water and Carbon Services activities, and the production activities of IPM.
The Groups will collectively be referred to as “Oilfield Services.” Additionally, Schlumberger will also report the distribution business acquired in the Smith transaction, as a separate segment.
The above changes will be reflected in the consolidated financial statements and segment reporting beginning in fiscal year 2011, starting with the Form 10-Q for the three months ended March 31, 2011. To provide additional perspective on these changes, Schlumberger has prepared the accompanying unaudited pro forma historical consolidated financial information (“Pro Forma Information”) on the basis of the new reporting structure, giving effect to the acquisitions of Smith and Geoservices as if they had occurred on January 1, 2008.
The Pro Forma Information is based on the historical consolidated statements of income of Schlumberger, Smith and Geoservices. The Pro Forma Information has been adjusted to reflect pro forma events that are directly attributable to the transactions and factually supportable. As such, the Pro Forma Information does not reflect any cost savings, operating synergies or revenue enhancements that the combined companies may achieve as a result of the transactions, the costs to integrate the operations of Schlumberger, Smith and Geoservices, or the costs necessary to achieve these cost savings, operating synergies and revenue enhancements.
The Pro Forma Information has been presented for informational purposes only and is not necessarily indicative of what the combined company’s results of operations would have been had the transactions actually been completed as of January 1, 2008. In addition, the Pro Forma Information does not purport to project the future operating results of the combined companies.

 

 

(SCHLUMBERGER LOGO)
2008 UNAUDITED PRO FORMA HISTORICAL CONSOLIDATED FINANCIAL INFORMATION
(Stated in millions, except per share amounts)
                                                                                                         
 
2008 BY BUSINESS GROUP
        Q1       Q2       Q3       Q4       Year    
        Revenue     Pretax     Revenue     Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax    
            Income         Income             Income             Income             Income    
                                                                 
 
Oilfield Services
                                                                                                      
 
Reservoir Characterization
     $   2,684     $ 866     $ 2,823     $ 926     $ 3,106     $ 1,086     $ 2,832     $ 819     $ 11,445     $ 3,697  
 
Reservoir Production
       2,136       412       2,299       454       2,506       491       2,571       468       9,512       1,825  
 
Drilling
       3,314       764       3,552       889       3,797       872       3,788       768       14,451       3,293  
 
Eliminations & Other
       13       (23 )      6       (18 )      6       (29 )      23       -       48       (70 ) 
                                                                 
 
 
       8,147       2,019       8,680       2,251       9,415       2,420       9,214       2,055       35,456       8,745  
 
Distribution
       568       30       616       37       761       62       794       52       2,739       181  
 
 
     $  8,715       2,049     $ 9,296       2,288     $ 10,176       2,482     $ 10,008       2,107     $ 38,195       8,926  
 
 
                                                                                                      
 
Corporate (1)
                 (131 )                (119 )                (133 )                (120 )                (503 ) 
 
Interest Income
                 37                 22                 28                 25                 112  
 
Interest Expense (2)
                 (67 )                (64 )                (70 )                (77 )                (278 ) 
 
Charges & Credits (5)
                 -                 -                 -                 (145 )                (145 ) 
 
 
                                                                                            
 
Income before Tax and Noncontrolling Interests
                 1,888                 2,127                 2,307                 1,790                 8,112  
 
Tax Expense
                 (429 )                (508 )                (561 )                (457 )                (1,955 ) 
 
 
                                                                                            
 
Income from Continuing Operations
                 1,459                 1,619                 1,746                 1,333                 6,157  
 
Noncontrolling Interests
                 (14 )                (10 )                (20 )                (7 )                (51 ) 
 
 
                                                                                            
 
Schlumberger Income from Continuing Operations
               $ 1,445               $ 1,609               $ 1,726               $ 1,326               $ 6,106  
 
 
                                                                                            
 
 
                                                                                                      
                                                                 
                                                                                                         
 
2008 BY GEOGRAPHIC AREA
        Q1       Q2       Q3       Q4       Year    
        Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax    
              Income             Income             Income             Income             Income    
                                                                 
 
Oilfield Services
                                                                                                      
 
North America
     $   2,306     $ 593     $ 2,294     $ 553     $ 2,665     $ 634     $ 2,818     $ 636     $ 10,083     $ 2,416  
 
Latin America
       1,197       222       1,349       271       1,446       267       1,449       239       5,441       999  
 
Europe/CIS/W. Africa
       2,709       679       2,998       808       3,271       955       2,877       629       11,855       3,071  
 
Middle East & Asia
       1,924       562       2,032       638       2,013       603       2,045       558       8,014       2,361  
 
Eliminations & Other
       11       (37 )      7       (19 )      20       (39 )      25       (7 )      63       (102 ) 
                                                                 
 
 
       8,147       2,019       8,680       2,251       9,415       2,420       9,214       2,055       35,456       8,745  
 
Distribution
       568       30       616       37       761       62       794       52       2,739       181  
                                                                 
 
 
     $ 8,715       2,049     $ 9,296       2,288     $ 10,176       2,482     $ 10,008       2,107     $ 38,195       8,926  
 
 
                                                                                            
 
 
                                                                                                      
 
Corporate (1)
                 (131 )                (119 )                (133 )                (120 )                (503 ) 
 
Interest Income
                 37                 22                 28                 25                 112  
 
Interest Expense (2)
                 (67 )                (64 )                (70 )                (77 )                (278 ) 
 
Charges & Credits (5)
                 -                 -                 -                 (145 )                (145 ) 
 
 
                                                                                            
 
Income before Tax and Noncontrolling Interests
                 1,888                 2,127                 2,307                 1,790                 8,112  
 
Tax Expense
                 (429 )                (508 )                (561 )                (457 )                (1,955 ) 
 
 
                                                                                            
 
Income from Continuing Operations
                 1,459                 1,619                 1,746                 1,333                 6,157  
 
Noncontrolling Interests
                 (14 )                (10 )                (20 )                (7 )                (51 ) 
 
 
                                                                                            
 
Schlumberger Income from Continuing Operations
               $ 1,445               $ 1,609               $ 1,726               $ 1,326               $ 6,106  
 
 
                                                                                            
 
 
                                                                                                      
                                                                 
 
 
                                                                                                      
 
Average Diluted Shares Outstanding (3)
                 1,408                 1,405                 1,400                 1,385                 1,399  
 
 
                                                                                                      
 
Diluted Earnings per Share - excluding Charges & Credits (4)
               $ 1.03               $ 1.15               $ 1.23               $ 1.04               $ 4.46  
 
Diluted Earnings per Share - including Charges & Credits (4)
               $ 1.03               $ 1.15               $ 1.23               $ 0.96               $ 4.37  
 
 
                                                                                                      
 
Effective Tax Rate - excluding Charges & Credits
                 22.7%               23.9%               24.3%               25.0%               24.0%  
 
Effective Tax Rate - including Charges & Credits
                 22.7%               23.9%               24.3%               25.5%               24.1%  

 

(SCHLUMBERGER LOGO)
2009 UNAUDITED PRO FORMA HISTORICAL CONSOLIDATED FINANCIAL INFORMATION
(Stated in millions, except per share amounts)
                                                                                                                                                 
 
  2009 BY BUSINESS GROUP    
        Q1       Q2       Q3       Q4       Year    
        Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax    
              Income             Income             Income             Income             Income    
                                                                 
 
Oilfield Services
                                                                                                      
 
Reservoir Characterization
     $  2,487     $  644     $  2,396     $  633     $  2,294     $  565     $  2,521     $  701     $  9,698     $  2,543  
 
Reservoir Production
       2,040       262       1,775       191       1,762       195       1,852       151       7,429       799  
 
Drilling
       3,368       667       2,951       488       2,921       481       2,999       450       12,239       2,086  
 
Eliminations & Other
       9       (9 )      6       (24 )      16       -       15       (23 )      46       (56 ) 
                                                                 
 
 
       7,904       1,564       7,128       1,288       6,993       1,241       7,387       1,279       29,412       5,372  
 
Distribution
       570       16       411       (9 )      379       (20 )      410       (19 )      1,770       (32 ) 
                                                                 
 
 
     $  8,474       1,580     $  7,539       1,279     $  7,372       1,221     $  7,797       1,260     $  31,182       5,340  
 
 
                                                                                            
 
 
                                                                                                      
 
Corporate (1)
                 (156 )                (149 )                (161 )                (161 )                (627 ) 
 
Interest Income
                 14                 13                 13                 12                 52  
 
Interest Expense (2)
                 (62 )                (77 )                (74 )                (72 )                (285 ) 
 
Charges & Credits (5)
                 (33 )                (251 )                (13 )                -                 (297 ) 
 
 
                                                                                            
 
Income before Tax and Noncontrolling Interests
                 1,343                 815                 986                 1,039                 4,183  
 
Tax Expense
                 (330 )                (174 )                (209 )                (199 )                (912 ) 
 
 
                                                                                            
 
Income from Continuing Operations
                 1,013                 641                 777                 840                 3,271  
 
Noncontrolling Interests
                 (9 )                (8 )                (5 )                (5 )                (27 ) 
 
 
                                                                                            
 
Schlumberger Income from Continuing Operations
               $  1,004               $  633               $  772               $  835               $  3,244  
 
 
                                                                                            
 
 
                                                                                                      
                                                                 
                                                                                                                                                 
 
 
  2009 BY GEOGRAPHIC AREA    
        Q1       Q2       Q3       Q4       Year    
        Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax    
              Income             Income             Income             Income             Income    
                                                                 
 
Oilfield Services
                                                                                                      
 
North America
     $  2,023     $  261     $  1,461     $  72     $  1,412     $  72     $  1,603     $  141     $  6,499     $  546  
 
Latin America
       1,403       283       1,323       232       1,400       245       1,479       198       5,605       958  
 
Europe/CIS/W.Africa
       2,528       543       2,500       530       2,480       525       2,482       502       9,990       2,100  
 
Middle East & Asia
       1,944       538       1,834       506       1,686       427       1,788       469       7,252       1,940  
 
Eliminations & Other
       6       (61 )      10       (52 )      15       (28 )      35       (31 )      66       (172 ) 
                                                                 
 
 
       7,904       1,564       7,128       1,288       6,993       1,241       7,387       1,279       29,412       5,372  
 
Distribution
       570       16       411       (9 )      379       (20 )      410       (19 )      1,770       (32 ) 
                                                                 
 
 
     $  8,474       1,580     $  7,539       1,279     $  7,372       1,221     $  7,797       1,260     $  31,182       5,340  
 
 
                                                                                            
 
 
                                                                                                      
 
Corporate (1)
                 (156 )                (149 )                (161 )                (161 )                (627 ) 
 
Interest Income
                 14                 13                 13                 12                 52  
 
Interest Expense (2)
                 (62 )                (77 )                (74 )                (72 )                (285 ) 
 
Charges & Credits (5)
                 (33 )                (251 )                (13 )                -                 (297 ) 
 
 
                                                                                            
 
Income before Tax and Noncontrolling Interests
                 1,343                 815                 986                 1,039                 4,183  
 
Tax Expense
                 (330 )                (174 )                (209 )                (199 )                (912 ) 
 
 
                                                                                            
 
Income from Continuing Operations
                 1,013                 641                 777                 840                 3,271  
 
Noncontrolling Interests
                 (9 )                (8 )                (5 )                (5 )                (27 ) 
 
 
                                                                                            
 
Schlumberger Income from Continuing Operations
               $  1,004               $  633               $  772               $  835               $  3,244  
 
 
                                                                                            
 
 
                                                                                                      
                                                                 
 
 
                                                                                                      
 
Average Diluted Shares Outstanding (3)
                 1,385                 1,389                 1,393                 1,393                 1,390  
 
 
                                                                                                      
 
Diluted Earnings per Share - excluding Charges & Credits (4)
               $  0.74               $  0.61               $  0.56               $  0.60               $  2.52  
 
Diluted Earnings per Share - including Charges & Credits (4)
               $  0.73               $  0.46               $  0.56               $  0.60               $  2.34  
 
 
                                                                                                      
 
Effective Tax Rate - excluding Charges & Credits
                 24.6%                 19.6%                 21.3%                 19.2%                 21.4%    
 
Effective Tax Rate - including Charges & Credits
                 24.6%                 21.3%                 21.2%                 19.2%                 21.8%    

 

(SCHLUMBERGER LOGO)
2010 UNAUDITED PRO FORMA HISTORICAL CONSOLIDATED FINANCIAL INFORMATION
(Stated in millions, except per share amounts)
                                                                                                                                                 
 
  2010 BY BUSINESS GROUP    
        Q1       Q2       Q3       Q4       Year    
        Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax    
              Income             Income             Income             Income             Income    
                                                                 
 
Oilfield Services
                                                                                                      
 
Reservoir Characterization
     $  2,301     $  561     $  2,358     $  553     $  2,338     $  525     $  2,551     $  677     $  9,548     $  2,316  
 
Reservoir Production
       1,920       164       2,136       260       2,312       384       2,720       578       9,088       1,386  
 
Drilling
       3,114       466       3,260       510       3,131       432       3,194       473       12,699       1,881  
 
Eliminations & Other
       11       15       16       5       14       (12 )     26       (32 )      67       (24 ) 
                                                                 
 
 
       7,346       1,206       7,770       1,328       7,795       1,329       8,491       1,696       31,402       5,559  
 
Distribution
       452       5       490       14       548       20       576       21       2,066       60  
                                                                 
 
 
     $  7,798       1,211     $  8,260       1,342     $  8,343       1,349     $  9,067       1,717     $  33,468       5,619  
 
 
                                                                                            
 
 
                                                                                                      
 
Corporate (1)
                 (161 )                (168 )                (140 )                (152 )                (621 ) 
 
Interest Income
                 13                 11                 10                 9                 43  
 
Interest Expense (2)
                 (66 )                (69 )                (68 )                (59 )                (262 ) 
 
Charges & Credits (5)
                 (75 )                (15 )                823                 (180 )                553  
 
 
                                                                                            
 
Income before Tax and Noncontrolling Interests
                 922                 1,101                 1,974                 1,335                 5,332  
 
Tax Expense
                 (261 )                (229 )                (236 )                (290 )                (1,016 ) 
 
 
                                                                                            
 
Income from Continuing Operations
                 661                 872                 1,738                 1,045                 4,316  
 
Noncontrolling Interests
                 (4 )                -                 -                 (2 )                (6 ) 
 
 
                                                                                            
 
Schlumberger Income from Continuing Operations
               $  657               $  872               $  1,738               $  1,043               $  4,310  
 
 
                                                                                            
 
 
                                                                                                      
                                                                 
                                                                                                                                                 
 
 
  2010 BY GEOGRAPHIC AREA    
        Q1       Q2       Q3       Q4       Year    
        Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax       Revenue       Pretax    
              Income             Income             Income             Income             Income    
                                                                 
 
Oilfield Services
                                                                                                      
 
North America
     $  1,854     $  195     $  1,971     $  232     $  2,091     $  322     $  2,584     $  589     $  8,500     $  1,338  
 
Latin America
       1,406       218       1,499       234       1,389       194       1,381       207       5,675       853  
 
Europe/CIS/W.Africa
       2,266       368       2,404       393       2,434       409       2,461       450       9,565       1,620  
 
Middle East & Asia
       1,792       462       1,855       489       1,823       451       1,973       464       7,443       1,866  
 
Eliminations & Other
       28       (37 )      41       (20 )      58       (47 )      92       (14 )      219       (118 ) 
                                                                 
 
 
       7,346       1,206       7,770       1,328       7,795       1,329       8,491       1,696       31,402       5,559  
 
Distribution
       452       5       490       14       548       20       576       21       2,066       60  
                                                                 
 
 
     $  7,798       1,211     $  8,260       1,342     $  8,343       1,349     $  9,067       1,717     $  33,468       5,619  
 
 
                                                                                            
 
 
                                                                                                      
 
Corporate (1)
                 (161 )                (168 )                (140 )                (152 )                (621 ) 
 
Interest Income
                 13                 11                 10                 9                 43  
 
Interest Expense (2)
                 (66 )                (69 )                (68 )                (59 )                (262 ) 
 
Charges & Credits (5)
                 (75 )                (15 )                823                 (180 )                553  
 
 
                                                                                            
 
Income before Tax and Noncontrolling Interests
                 922                 1,101                 1,974                 1,335                 5,332  
 
Tax Expense
                 (261 )                (229 )                (236 )                (290 )                (1,016 ) 
 
 
                                                                                            
 
Income from Continuing Operations
                 661                 872                 1,738                 1,045                 4,316  
 
Noncontrolling Interests
                 (4 )                -                 -                 (2 )                (6 ) 
 
 
                                                                                            
 
Schlumberger Income from Continuing Operations
               $  657               $  872               $  1,738               $  1,043               $  4,310  
 
 
                                                                                            
 
 
                                                                                                      
                                                                 
 
 
                                                                                                      
 
Average Diluted Shares Outstanding (3)
                 1,390                 1,383                 1,375                 1,376                 1,381  
 
 
                                                                                                      
 
Diluted Earnings per Share - excluding Charges & Credits (4)
               $  0.56               $  0.64               $  0.65               $  0.85               $  2.69  
 
Diluted Earnings per Share - including Charges & Credits (4)
               $  0.47               $  0.63               $  1.26               $  0.76               $  3.12  
 
 
                                                                                                      
 
Effective Tax Rate - excluding Charges & Credits
                 22.0%                 21.1%                 22.5%                 23.1%                 22.2%    
 
Effective Tax Rate - including Charges & Credits
                 28.3%                 20.8%                 12.0%                 21.7%                 19.1%    

 

(SCHLUMBERGER LOGO)
Notes to the Schlumberger Limited Unaudited Pro Forma Historical
Consolidated Financial Information
(1)   Includes depreciation and amortization expense associated with fair value adjustments to Smith’s acquired assets of approximately $50 million per quarter.
(2)   Reflects a reduction in interest expense of approximately $15 million per quarter as a result of fair value adjustments recorded in purchase accounting relating to Smith’s long-term fixed rate debt.
(3)   Diluted shares outstanding was calculated by taking the Schlumberger historical diluted shares outstanding and adding the approximately 176 million shares of Schlumberger common stock issued in connection with the Smith transaction.
(4)   The calculation of diluted earnings per share reflects the adding back of interest expense associated with Schlumberger’s outstanding convertible debentures to net income, as appropriate, for each period presented.
(5)   The following is a summary of Charges & Credits recorded in each period as well as a reconciliation of pro forma diluted earnings per share, excluding charges and credits to pro forma diluted earnings per share including charges and credits:
2008 Charges & Credits and Reconciliation of Pro Forma Diluted EPS
(Stated in millions, except per share amounts)

                                         
    Fourth Quarter 2008
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 1,790     $ 457     $ 7     $ 1,326     $ 0.96  
Add back Schlumberger Charges & Credits:
                                        
Workforce reductions
     74       9       -       65       0.05  
Provision for doubtful accounts
     32       8       -       24       0.02  
Other
     10       -       -       10       0.01  
Add back Smith Charges & Credits:
                                        
Derivative contract related loss
     29       10       -       19       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 1,935     $ 484     $ 7     $ 1,444     $ 1.04  
     

                                         
    Twelve Months 2008
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 8,112     $ 1,955     $ 51     $ 6,106     $ 4.37  
Add back Schlumberger Charges & Credits:
                                        
Workforce reductions
     74       9       -       65       0.05  
Provision for doubtful accounts
     32       8       -       24       0.02  
Other
     10       -       -       10       0.01  
Add back Smith Charges & Credits:
                                        
Derivative contract related loss
     29       10       -       19       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 8,257     $ 1,982     $ 51     $ 6,224     $ 4.46  
     

 

 

2009 Charges & Credits and Reconciliation of Pro Forma Diluted EPS
(Stated in millions, except per share amounts)

                                         
    First Quarter 2009
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 1,343     $ 330     $ 9     $ 1,004     $ 0.73  
Add back Smith Charges & Credits:
                                        
Workforce reductions
     33       9       -       24       0.02  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 1,376     $ 339     $ 9     $ 1,028     $ 0.74  
     

                                         
    Second Quarter 2009
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 815     $ 174     $ 8     $ 633     $ 0.46  
Add back Schlumberger Charges & Credits:
                                        
Workforce reductions
     102       17       -       85       0.06  
Postretirement benefits curtailment
     136       14       -       122       0.09  
Add back Smith Charges & Credits:
                                        
Workforce reductions
     13       4       -       9       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 1,066     $ 209     $ 8     $ 849     $ 0.61  
     

                                         
    Third Quarter 2009
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 986     $ 209     $ 5     $ 772     $ 0.56  
Add back Smith Charges & Credits:
                                        
Workforce reductions
     13       4       -       9       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 999     $ 213     $ 5     $ 781     $ 0.56  
     

                                         
    Twelve Months 2009
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 4,183     $ 912     $ 27     $ 3,244     $ 2.34  
Add back Schlumberger Charges & Credits:
                                        
Workforce reductions
     102       17       -       85       0.06  
Postretirement benefits curtailment
     136       14       -       122       0.09  
Add back Smith Charges & Credits:
                                        
Workforce reductions
     59       17       -       42       0.03  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 4,480     $ 960     $ 27     $ 3,493     $ 2.52  
     

 

 

2010 Charges & Credits and Reconciliation of Pro Forma Diluted EPS
(Stated in millions, except per share amounts)

                                         
    First Quarter 2010
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 922     $ 261     $ 4     $ 657     $ 0.47  
Add back Schlumberger Charges & Credits:
                                        
Medicare Part D subsidy, elimination of tax deduction
     -       (40 )     -       40       0.03  
Merger-related transaction costs
     35       -       -       35       0.03  
Add back Smith Charges & Credits:
                                        
Venezuela currency devaluation
     23       (3 )     -       26       0.02  
Merger-related transaction costs
     17       1       -       16       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 997     $ 219     $ 4     $ 774     $ 0.56  
     

                                         
    Second Quarter 2010
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 1,101     $ 229     $ -     $ 872     $ 0.63  
Add back Smith Charges & Credits:
                                        
Venezuela currency devaluation
     12       3       -       9       0.01  
Merger-related transaction costs
     24       6       -       18       0.01  
Gain on investment in @balance
     (21 )     (3 )     -       (18 )     (0.01 )
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 1,116     $ 235     $ -     $ 881     $ 0.64  
     

                                         
    Third Quarter 2010
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 1,974     $ 236     $ -     $ 1,738     $ 1.26  
Add back Schlumberger Charges & Credits:
                                        
Severance and other
     90       13       -       77       0.06  
Impairment relating to WesternGeco’s first generation Q-Land acquisition system
     78       7       -       71       0.05  
Other WesternGeco-related charges
     63       -       -       63       0.05  
Professional fees and other
     56       1       -       55       0.04  
Merger-related employee benefits
     41       6       -       35       0.03  
Mexico restructuring
     40       4       -       36       0.03  
Inventory fair value adjustments
     38       14       -       24       0.02  
Repurchase of bonds
     28       10       -       18       0.01  
Gain on investment in M-I SWACO
     (1,270 )     (32 )     -       (1,238 )     (0.90 )
Add back Smith Charges & Credits:
                                        
Merger-related transaction costs
     13       -       -       13       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 1,151     $ 259     $ -     $ 892     $ 0.65  
     

 

 

2010 Charges & Credits and Reconciliation of Pro Forma Diluted EPS (cont.)
(Stated in millions, except per share amounts)

                                         
    Fourth Quarter 2010
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 1,335     $ 290     $ 2     $ 1,043     $ 0.76  
Add back Schlumberger Charges & Credits:
                                        
Inventory fair value adjustments
     115       42       -       73       0.05  
Merger-related employee benefits
     16       4       -       12       0.01  
Merger-related employee benefits
     17       1       -       16       0.01  
Reurchase of bonds
     32       12       -       20       0.01  
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 1,515     $ 349     $ 2     $ 1,164     $ 0.85  
     

                                         
    Twelve Months 2010
    Pretax     Tax     Noncont.
Interest		     Net     Diluted
EPS (*)		  
     
Income attributable to Schlumberger
   $ 5,332     $ 1,016     $ 6     $ 4,310     $ 3.12  
Add back Schlumberger Charges & Credits:
                                        
Medicare Part D subsidy, elimination of tax deduction
     -       (40 )     -       40       0.03  
Severance and other
     90       13       -       77       0.06  
Impairment relating to WesternGeco’s first generation Q-Land acquisition system
     78       7       -       71       0.06  
Other WesternGeco-related charges
     63       -       -       63       0.05  
Professional fees and other
     107       1       -       106       0.08  
Merger-related employee benefits
     58       10       -       48       0.04  
Mexico restructuring
     40       4       -       36       0.03  
Inventory fair value adjustments
     153       56       -       97       0.07  
Repurchase of bonds
     60       23       -       37       0.01  
Gain on investment in M-I SWACO
     (1,270 )     (32 )     -       (1,238 )     (0.90 )
Add back Smith Charges & Credits:
                                        
Venezuela currency devaluation
     35       -       -       35       0.03  
Merger-related transaction costs
     54       7       -       47       0.03  
Gain on investment in @balance
     (21 )     (3 )     -       (18 )     (0.01 )
     
Income attributable to Schlumberger, excluding Charges & Credits
   $ 4,779     $ 1,062     $ 6     $ 3,711     $ 2.69  
     
     (*) May not add due to rounding
Diluted earnings per share excluding Charges & Credits and effective tax rate excluding Charges & Credits are non-GAAP financial measures. Schlumberger management believes that the exclusion of Charges & Credits from the foregoing financial measures enables it to evaluate more effectively, Schlumberger’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to other measures of financial performance prepared in accordance with GAAP.

 

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