Segment Information |
12. Segment Information
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(Stated in millions) |
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Second Quarter 2020 |
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Second Quarter 2019 |
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Income (Loss) |
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Income (Loss) |
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Before |
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Before |
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Revenue |
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Taxes |
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Revenue |
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Taxes |
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Reservoir Characterization |
$ |
1,052 |
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$ |
185 |
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$ |
1,558 |
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$ |
317 |
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Drilling |
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1,731 |
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|
165 |
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2,420 |
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|
301 |
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Production |
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1,615 |
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25 |
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3,077 |
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|
235 |
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Cameron |
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1,015 |
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80 |
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1,328 |
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|
165 |
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Eliminations & other |
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(57 |
) |
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(59 |
) |
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(114 |
) |
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(50 |
) |
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396 |
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|
968 |
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Corporate & other (1) |
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(169 |
) |
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(238 |
) |
Interest income (2) |
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7 |
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9 |
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Interest expense (3) |
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(137 |
) |
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(146 |
) |
Charges and credits (4) |
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(3,724 |
) |
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- |
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$ |
5,356 |
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$ |
(3,627 |
) |
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$ |
8,269 |
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$ |
593 |
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Certain prior period amounts have been reclassified to conform to the current period presentation.
(1) |
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. |
(2) |
Interest income excludes amounts which are included in the segments’ income ($- million in 2020; $2 million in 2019). |
(3) |
Interest expense excludes amounts which are included in the segments’ income ($7 million in 2020; $10 million in 2019). |
(4) |
See Note 2 – Charges and Credits. |
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(Stated in millions) |
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Six Months 2020 |
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Six Months 2019 |
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Income (Loss) |
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Income (Loss) |
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Before |
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Before |
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Revenue |
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Taxes |
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Revenue |
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Taxes |
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Reservoir Characterization |
$ |
2,363 |
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$ |
369 |
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$ |
3,017 |
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$ |
598 |
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Drilling |
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4,020 |
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450 |
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4,806 |
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|
608 |
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Production |
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4,318 |
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237 |
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5,967 |
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453 |
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Cameron |
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2,270 |
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201 |
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2,586 |
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313 |
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Eliminations & other |
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(160 |
) |
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(85 |
) |
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(227 |
) |
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(96 |
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1,172 |
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1,876 |
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Corporate & other (1) |
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(397 |
) |
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(511 |
) |
Interest income (2) |
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22 |
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18 |
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Interest expense (3) |
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(266 |
) |
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(282 |
) |
Charges and credits (4) |
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(12,247 |
) |
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- |
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$ |
12,811 |
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$ |
(11,716 |
) |
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$ |
16,149 |
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$ |
1,101 |
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Certain prior period amounts have been reclassified to conform to the current period presentation.
(1) |
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. |
(2) |
Interest income excludes amounts which are included in the segments’ income ($1 million in 2020; $5 million in 2019). |
(3) |
Interest expense excludes amounts which are included in the segments’ income ($15 million in 2020; $20 million in 2019). |
(4) |
See Note 2 – Charges and Credits. |
Revenue by geographic area was as follows:
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(Stated in millions) |
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Second Quarter |
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Six Months |
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2020 |
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2019 |
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2020 |
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2019 |
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North America |
$ |
1,183 |
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$ |
2,801 |
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$ |
3,463 |
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$ |
5,539 |
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Latin America |
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543 |
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1,115 |
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1,488 |
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2,107 |
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Europe/CIS/Africa |
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1,449 |
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1,896 |
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3,200 |
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3,602 |
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Middle East & Asia |
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2,146 |
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2,452 |
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4,572 |
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4,790 |
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Eliminations & other |
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35 |
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5 |
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88 |
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111 |
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$ |
5,356 |
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$ |
8,269 |
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$ |
12,811 |
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$ |
16,149 |
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North America and International revenue disaggregated by segment was as follows:
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(Stated in millions) |
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Second Quarter 2020 |
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North |
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Eliminations |
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America |
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International |
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& other |
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Total |
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Reservoir Characterization |
$ |
165 |
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$ |
880 |
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$ |
7 |
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$ |
1,052 |
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Drilling |
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269 |
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1,417 |
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|
45 |
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1,731 |
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Production |
|
408 |
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1,205 |
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2 |
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1,615 |
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Cameron |
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341 |
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676 |
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(2 |
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1,015 |
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Other |
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- |
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(40 |
) |
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(17 |
) |
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(57 |
) |
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$ |
1,183 |
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$ |
4,138 |
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$ |
35 |
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$ |
5,356 |
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Second Quarter 2019 |
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North |
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Eliminations |
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America |
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International |
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& other |
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Total |
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Reservoir Characterization |
$ |
242 |
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$ |
1,312 |
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$ |
4 |
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$ |
1,558 |
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Drilling |
|
552 |
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|
1,819 |
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|
49 |
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2,420 |
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Production |
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1,419 |
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|
1,657 |
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1 |
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|
3,077 |
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Cameron |
|
600 |
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|
754 |
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(26 |
) |
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|
1,328 |
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Other |
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(12 |
) |
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(79 |
) |
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(23 |
) |
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(114 |
) |
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$ |
2,801 |
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$ |
5,463 |
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$ |
5 |
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$ |
8,269 |
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(Stated in millions) |
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Six Months 2020 |
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North |
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Eliminations |
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America |
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International |
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& other |
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Total |
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Reservoir Characterization |
$ |
365 |
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$ |
1,988 |
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$ |
10 |
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$ |
2,363 |
|
Drilling |
|
792 |
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|
3,139 |
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|
89 |
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|
4,020 |
|
Production |
|
1,475 |
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|
2,842 |
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1 |
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4,318 |
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Cameron |
|
847 |
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|
1,402 |
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|
21 |
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|
2,270 |
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Other |
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(16 |
) |
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(111 |
) |
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(33 |
) |
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(160 |
) |
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$ |
3,463 |
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$ |
9,260 |
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$ |
88 |
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$ |
12,811 |
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|
Six Months 2019 |
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|
North |
|
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Eliminations |
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|
America |
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International |
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& other |
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|
Total |
|
Reservoir Characterization |
$ |
458 |
|
|
$ |
2,552 |
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|
$ |
7 |
|
|
$ |
3,017 |
|
Drilling |
|
1,128 |
|
|
|
3,574 |
|
|
|
104 |
|
|
|
4,806 |
|
Production |
|
2,792 |
|
|
|
3,173 |
|
|
|
2 |
|
|
|
5,967 |
|
Cameron |
|
1,182 |
|
|
|
1,375 |
|
|
|
29 |
|
|
|
2,586 |
|
Other |
|
(21 |
) |
|
|
(175 |
) |
|
|
(31 |
) |
|
|
(227 |
) |
|
$ |
5,539 |
|
|
$ |
10,499 |
|
|
$ |
111 |
|
|
$ |
16,149 |
|
Revenue in excess of billings related to contracts where revenue is recognized over time was $0.2 billion at both June 30, 2020 and December 31, 2019. Such amounts are included within Receivables less allowance for doubtful accounts in the Consolidated Balance Sheet.
Due to the nature of its business, Schlumberger does not have significant backlog. Total backlog was $2.8 billion at June 30, 2020, of which approximately 50% is expected to be recognized as revenue over the next 12 months.
Billings and cash collections in excess of revenue was $1.1 billion at June 30, 2020 and $0.9 billion at December 31, 2019. Such amounts are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheet.
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