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Schlumberger - Weltmarktführer bei Oil Services - 500 Beiträge pro Seite

eröffnet am 02.01.09 13:02:56 von
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02.01.09 13:02:56
Beitrag Nr. 1 ()
Habe mir am 30.12. noch ein paar Stück fürs Langfristdepot zugelegt.

Investmentthese:
Alleine, um die aktuelle Produktion aufrechterhalten zu können, sind massive Investitionen in Ölfelder erforderlich.

SLB ist Marktführer und sollte langfristig davon profitieren können.
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02.01.09 13:08:20
Beitrag Nr. 2 ()
Antwort auf Beitrag Nr.: 36.291.601 von meinolf67 am 02.01.09 13:02:56Dann wünsche ich dir viel Glück! Die bessere Alternative, weil ohne Währungsrisiko und günstiger bewertet, wäre die SCHOELLER-BLECKMANN AG (ISIN AT0000946652) gewesen.
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02.01.09 13:21:32
Beitrag Nr. 3 ()
Antwort auf Beitrag Nr.: 36.291.630 von Biobrandschutz am 02.01.09 13:08:20Danke für die Info.

Werde ich mir mal ansehen.
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02.01.09 13:41:58
Beitrag Nr. 4 ()
Interessante Werte. Vielen Dank.
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02.01.09 15:31:40
Beitrag Nr. 5 ()
Schlumberger langfristiger Kauf
18.12.08 - Aktienservice Research

Bad Nauheim, 18 Dez. (newratings.de) - Nach Ansicht der Experten von "Aktienservice Research" ist die Aktie von Schlumberger (ISIN AN8068571086 / WKN 853390) ein langfristiger Kauf.

Der massive Einbruch der Ölpreise habe auch die Aktienkurse von Ölservicedienstleistern in den vergangenen Monaten drastisch abrutschen lassen. So habe die Aktie des Branchenprimus Schlumberger seit Anfang Juli mehr als 60% an Wert verloren. Die erstklassige Marktstellung und die historisch günstige Bewertung würden auf dem aktuellen Kursniveau erste Käufe rechtfertigen.

Noch Anfang Juli habe der Ölpreis bei nahezu 150 US-Dollar einen neuen historischen Rekordstand erreicht, bevor die Aussicht auf einen globalen Wirtschaftsabschwung eine massive Abwärtsbewegung eingeleitet habe. Um mehr als 70% habe der Preis je Barrel seitdem nachgegeben. In der vergangenen Woche sei der Ölpreis zeitweise auf knapp über 40 US-Dollar abgesackt und habe damit so tief wie zuletzt Anfang 2005 notiert.

Der jüngste Einbruch erscheine genauso übertrieben wie der vorangegangene Anstieg. Wenngleich eine nachhaltige Trendwende noch nicht in Sicht sei, sollte das weitere Abwärtsrisiko begrenzt sein. So befinde sich in der Region um 38 US-Dollar eine charttechnische Unterstützungszone, die den Preisverfall aufhalten dürfte. Aus fundamentaler Sicht seien ohnehin deutlich höhere Notierungen gerechtfertigt. Denn langfristig werde der Energiebedarf weiter zunehmen. Diese steigende Nachfrage treffe jedoch auf ein begrenztes Angebot an Erdöl, was den Preis langfristig wieder steigen lassen werde.

Nach dem massiven Preisverfall sei es daher sinnvoll, sich jetzt nach geeigneten Investments umzusehen. Wer auf einen langfristig wieder anziehenden Ölpreis setzen wolle, sollte einen Blick auf die Unternehmen der Ölservice-Branche werfen. Denn kein anderes Segment profitiere so stark von einer möglichen Erholung der Ölpreise. Nachdem die Investitionen im Förderbereich jahrelang vernachlässigt worden seien, sei es durch die bis zur Jahresmitte massiv gestiegenen Ölnotierungen für die großen Ölmultis wieder lukrativ geworden, neue Vorkommen zu erschließen.

Große Konzerne wie Exxon Mobil, Chevron, BP oder Royal Dutch Shell hätten im Zuge steigender Preise damit begonnen, wieder mehr Geld in die Erschließung neuer Ölreserven zu stecken. Der größte Teil davon fließe in die Taschen der Ölservice-Unternehmen, die unter anderem nach neuen Ölfeldern suchen, Probebohrungen durchführen oder spezielle Datenverarbeitungssysteme für Bohrungen anbieten würden. Damit seien die Firmen der Ölservice-Branche die Hauptprofiteure dieser Entwicklung.

Wenngleich die Ölmultis nach dem jüngsten Preisverfall ihre Investitionen zumindest vorübergehend ein wenig zurückschrauben dürften, würden die Ölservice-Firmen als Zulieferer für die großen Ölkonzerne derzeit noch immer über ein ordentliches Auftragspolster verfügen. Sollte der Ölpreis nicht längerfristig auf seinem aktuellen Niveau verharren, sondern wieder auf Erholungskurs gehen, würden die Ölservice-Konzerne davon maßgeblich profitieren. Allen voran der Branchenprimus Schlumberger. Der weltweit größte Öl-Dienstleister beschäftige rund 80.000 Mitarbeiter und sei mit seinen drei Geschäftsfeldern Oilfield Services, Schlumberger Water Services und Seismik in mehr als 100 Ländern aktiv.

Der Konzern biete seinen Kunden in der Öl- und Gasindustrie Technologie, Informationslösungen und integriertes Projektmanagement zur Optimierung der Förderergebnisse. Dabei liefere Schlumberger eine breite Palette von Produkten und Dienstleistungen - von der seismischen Erfassung und Verarbeitung über die Formationsbewertung bis hin zu Bohrlochtests, Richtbohrungen und Bohrlochzementierung, Erdölförderung und Bohrlochkomplettierungen sowie Beratung, Software und Informationsmanagement. Damit sei Schlumberger innerhalb der Branche mit Abstand am besten und breitesten aufgestellt.

Obwohl sich das wirtschaftliche Umfeld in den vergangenen Wochen und Monaten deutlich eingetrübt habe, sei davon in den letzten Geschäftszahlen bislang wenig zu spüren. Im dritten Quartal habe Schlumberger den Umsatz dank einer starken internationalen Nachfrage um 22% auf 7,26 Mrd. US-Dollar gesteigert und damit die durchschnittlichen Erwartungen der Analysten übertroffen, die nur Erlöse von 7,02 Mrd. US-Dollar prognostiziert hätten. Der Nettogewinn habe sich um 13% auf 1,53 Mrd. US-Dollar oder 1,25 US-Dollar je Aktie erhöht und damit punktgenau die Erwartungen getroffen.

Für das Gesamtjahr 2008 würden Analysten im Schnitt einen Gewinnzuwachs um 12% auf 4,67 US-Dollar je Aktie und einen Umsatzanstieg von 18% auf 27,5 Mrd. US-Dollar erwarten. Im nächsten Jahr dürfte sich der Gewinn zwar leicht abschwächen, langfristig seien jedoch zweistellige Zuwachsraten mehr als realistisch. Dem stehe eine ausgesprochen günstige Bewertung gegenüber. Auf Basis der Gewinnschätzungen für 2009 werde die Aktie derzeit nur mit einem KGV von knapp unter zehn bezahlt und sei damit historisch günstig bewertet. Auf lange Sicht sollte sie wieder deutlich höhere Notierungen anpeilen können.

Auch die Analysten gestünden der Schlumberger-Aktie erhebliches Potenzial zu. Im Schnitt würden sie das Kursziel auf Sicht von zwölf Monaten bei rund 70 US-Dollar sehen. In der vergangenen Woche erst habe die US-Bank Morgan Stanley das Papier in ihrer aktuellen Analyse mit "übergewichten" eingestuft und das Kursziel sogar bei 88 US-Dollar veranschlagt. Daneben gebe es auch aus charttechnischer Sicht erste Indizien für eine mögliche Bodenbildung. Eine alte Unterstützungszone im Bereich von 39 US-Dollar sei bei dem jüngsten Kursrutsch verteidigt worden. Die Chancen stünden gut, dass der Aktie in dieser Region die nachhaltige Wende gelinge.

Mit seiner erstklassigen Marktstellung sei Schlumberger ein Top-Investment im Ölservice-Bereich. Die Aktie sei historisch günstig bewertet und habe auf mittlere bis lange Sicht erhebliches Erholungspotenzial. Allerdings sollten sich Anleger darüber bewusst sein, dass die Kursentwicklung stark von der Entwicklung des Ölpreises abhänge. Ein anhaltend schwacher Ölpreis könnte kurzfristig noch weiteren Druck auf die Schlumberger-Aktie ausüben. Daher empfehle es sich, Engagements mit einem Stopp von 37,00 USD unter den jüngsten Tiefstkursen abzusichern.

Für die Experten von "Aktienservice Research" ist die Aktie von Schlumberger ein langfristiger Kauf. (Aktien Ausgabe 496 vom 17.12.2008) (18.12.2008/ac/a/a)
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02.01.09 15:33:18
Beitrag Nr. 6 ()
Schlumberger opens new oilfield technology center in Calgary
4th December 2008
By Staff Writer
Schlumberger has inaugurated a new oilfield technology center in Calgary in the Canadian province of Alberta. The center will work directly with oilfield technical teams and regional research facilities to help customers increase heavy oil production, reduce technical risk and minimize environmental footprint.

The Heavy Oil Regional Technology Center (RTC) will provide a working environment where clients can work hand-in-hand with Schlumberger geoscientists and petroleum engineers to solve key technical challenges associated with heavy oil recovery.

These research projects include, but are not limited to, innovative geological and geophysical services, advanced well placement strategies, new formation evaluation and characterization techniques, and novel integrated completions and monitoring programs.

The heavy oil center features a 3D visualization center, a high-performance computing cluster, a multi-use conference center, and an interactive collaboration space designed to accommodate locally based scientists and engineers as well as short and long-term visiting experts and clients.

Ken Havlinek, RTC center manager at Schlumberger, said: "The Heavy Oil RTC will act as a focal point for scientific and technological advancement in Canada by communicating regional customer needs to the worldwide R&D organization of Schlumberger."
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03.01.09 09:17:47
Beitrag Nr. 7 ()
:look:
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09.01.09 16:50:56
Beitrag Nr. 8 ()
NEW YORK (THE WALL STREET JOURNAL via Dow Jones Newswires), Jan. 9, 2009

Oilfield services giant Schlumberger Ltd. (SLB) has begun laying off hundreds of workers in the U.S. and around the world in the first of what experts say will likely be a wave of job cuts in the energy industry.

Halliburton Co. (HAL), Schlumberger's largest rival, said Thursday that it also will be cutting jobs, but provided no details.

Schlumberger, the world's largest oilfield services firm by market capitalization, said Thursday that it plans to lay off about 1,000 workers in North America, about 5% of its workforce there. The company also is cutting some of its 65,000 overseas workers but said it does not yet have exact figures.

The company said the cuts, which began Wednesday, are in response to a global slowdown in oil and gas drilling due to slumping energy prices and falling demand for oil due to the weak economy.

"It's the result of reduced levels of activity," Schlumberger spokesman Stephen Harris said, adding that the cuts would affect everyone from workers in the field to administrative support positions at the company's Houston headquarters.

Stephen Gengaro, an analyst with Jefferies & Co. in Houston, said Schlumberger's cuts are a sign that the industry now anticipates a longer slump.

"You try not to cut staff until you're sure this is either a deeper decline or a longer decline than you'd previously expected," Mr. Gengaro said.

Falling oil prices have cut deeply into revenue for oil majors such as Exxon Mobil Corp. (XOM) and Chevron Corp.(CVX), as well as smaller producers such as Apache Corp. (APA) and Devon Energy Corp. (DVN). Services firms - a broad category that includes companies that drill wells, provide equipment and shoot the seismic images that show where to look for oil - aren't directly affected by falling oil prices because they don't actually produce or sell oil.

But as the downturn has deepened, producers have responded by slashing spending and drilling fewer wells - meaning less business for services firms like Schlumberger, Halliburton and Weatherford International Ltd. (WFT).

The falloff in activity has been especially sharp in the United States, where the number of drilling rigs operating has tumbled 20% since its September peak, according to Baker Hughes International Inc. Wells drilled in the U.S. tend to be smaller and faster to drill, making it easier for companies to react quickly to changes in commodities prices.

In recent weeks, however, the slowdown has spread overseas, where Schlumberger does about 75% of its business. The rig count outside of North America has fallen 3% since September, according to Baker Hughes.

The drop-off in drilling has been predicted for months, as oil prices plummeted from more than $145 a barrel in July to about $42 a barrel today. Last month, Schlumberger warned investors that its 2008 earnings would fall short of analysts' expectations.

"We have been consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing," Schlumberger Chief Executive Andrew Gould said at the time.

But services companies, wary of being short on workers if prices rebounded quickly, have until now been hesitant to cut staff.

"The tough part had been finding enough skilled labor, so making the decision to reverse course and lay folks off is a tough one," said Byron Pope, an analyst with energy-focused investment bank Tudor Pickering Holt & Co. in Houston.

Analysts expect other service companies to make their own cuts in coming weeks, especially because most of Schlumberger's competitors are more focused on North America.

"The smaller companies generally have a higher percentage of their revenues from North America, so I would expect that many oilfield service companies will follow suit," Mr. Pope said.
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16.01.09 04:12:52
Beitrag Nr. 9 ()
Schlumberger a Long-Term Play
Posted Thu Jan 15, 11:04 am ET
Posted By: Sheraz Mian

Houston-based Schlumberger Limited (SLB) is a leading oilfield services company, providing technology, project management, and information services to the global oil and gas industry.

We are maintaining our Buy recommendation on Schlumberger shares ahead of the company's quarterly results. However, we have lowered our fourth-quarter 2008 ($1.10 vs. $1.34) and 2009 ($3.90 vs. $5.50) EPS estimates to reflect a softening oilfield service environment.

We have also introduced our 2010 estimate at $4.09. While near-term commodity-price weakness may weigh on the stock price, the company's long-term prospects remain positive, given its strong international footprint, particularly in the Eastern Hemisphere.

Schlumberger remains better positioned in the current environment of tentative outlook for the North American market, given its low exposure to this region.
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16.01.09 21:21:49
Beitrag Nr. 10 ()
16.01.2009 14:22
BRIEF-ERF Wireless and Schlumberger sign reseller agreement

Jan 16 (Reuters) - ERF Wireless Inc: (News)

* Erf Wireless and Schlumberger (News) slb.n> sign exclusive reseller agreement for

United States and Canada

((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
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17.01.09 11:43:02
Beitrag Nr. 11 ()
Schlumberger Expands Wireless Broadband and WiMAX Services to O&G Industry
Schlumberger Friday, January 16, 2009


ERF Wireless, Inc. and Schlumberger have entered into an exclusive agreement for delivery of wireless broadband services throughout North America. Schlumberger will extend the footprint of its market leading IPresence* and IPerformer* services using ERF Wireless comprehensive high-speed low-latency wireless and WiMAX coverage.

"This joint contract with ERF Wireless provides Schlumberger with the ability to deliver cost effective communications to the oil and gas industry in the ERF
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Wireless coverage areas," said Slavo Pastor, vice president, Schlumberger Information Solutions, North America. "This will increase real-time activities and collaboration between remote sites and office-based asset teams."

Under the contract terms, Schlumberger will exclusively resell wireless broadband and WiMAX terrestrial communications products and services from ERF Wireless in the North American oil and gas market.

John Nagel, CEO of the ERF Wireless Oil and Gas Services subsidiary, said, "The new Schlumberger and ERF Wireless broadband service empowers energy companies to execute on their digital oilfield initiatives. We’re proud to be working with Schlumberger to increase productivity, safety and crew welfare throughout the North American oil and gas sector."

ERF Wireless owns and operates one of the largest wireless broadband networks in the domestic oil and gas sector and is aggressively building and acquiring new wireless broadband networks in territories specific to the oil and gas business.

"Over the past year, the oil and gas industry has become an important part of the ERF Wireless business plan to further utilize the extensive wireless networks we have built and acquired over the past four years. Through this agreement with Schlumberger, we are developing a premiere oil and gas sales channel for our wireless broadband. This will be a powerful catalyst for our vertical markets growth into the oil and gas sector," said Dr. H. Dean Cubley, CEO of ERF Wireless, Inc.

ERF Wireless began its high-speed wireless broadband services to the oil and gas industry by mobilizing its Mobile Broadband Trailer System (MBTS) to active drilling sites. The rugged and portable delivery mechanism uniquely supports the mobile nature of drilling and production operations.

The ERF Wireless Network delivers real-time data and high-speed Internet bandwidth to remote drilling, production and pipeline facilities. ERF Wireless’ high-speed bandwidth also enables Voice Over IP, video conferencing, security surveillance, and monitoring systems to protect employees, the environment, and on-site assets.

For the last 15 years, Schlumberger has been one of the major communication providers to the oil and gas industry, delivering communication solutions to remote and frontier locations. Schlumberger offers a variety of satellite, wireless, terrestrial, data and voice solutions. Through the design and implementation of custom-engineered communication solutions, Schlumberger provides network solutions where reliable telecommunications infrastructure is not readily available.
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24.01.09 01:05:59
Beitrag Nr. 12 ()
Schlumberger: Gewinn im vierten Quartal um 17 Prozent gesunken, Erwartungen verfehlt - Aktiencheck, NEW YORK - 23.01.2009
http://www.aktiencheck.de/artikel/news-Ausland-1864026.html
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27.01.09 22:00:50
Beitrag Nr. 13 ()
Schlumberger, a provider of technology services and solutions to the petroleum industry, has reported a net income of $1.15 billion for the fourth quarter of 2008, compared to $1.38 billion for the same period of 2007.

Schlumberger has reported revenue of $27.16 billion in 2008, compared to $23.28 billion in 2007. The company has reported a net income of $5.43 billion in 2008, compared to $5.18 billion in 2007.

For the fourth quarter of 2008, the company has reported revenue of $6.87 billion, compared to $6.25 billion in the same quarter of 2007.

Andrew Gould, chairman and CEO of Schlumberger, said: "The sequential revenue decline in Oilfield Services in the fourth quarter was largely due to the weakening of many local currencies against the US dollar, lower activity in Russia and, with the exception of North America, generally weaker activity around the globe."
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19.02.09 20:47:04
Beitrag Nr. 14 ()
Petrobras, Schlumberger sign pre-salt agreement

2/19/2009 6:06:42 PM GMT


Brazil

RIO DE JANEIRO: Brazilian state energy company Petrobras and oilfield services provider Schlumberger signed a three-year technological cooperation agreement for pre-salt reservoir research and development. The agreement may be renewed for another three years.

Four research projects were negotiated, including electromagnetic and seismic data analyses technologies to improve deep reservoir characterization; nuclear magnetic resonance technologies to characterize complex reservoirs; and H2S electrochemical sensors.

Additionally, six other projects are still under negotiation. Petrobras will invest around US$10 million in the projects.

The project portfolio established will lead to the deployment of the Schlumberger research center in Rio de Janeiro, on Fundão Island in 2010. The center will be part of the company's technological excellence network and is the first to be deployed in the Southern hemisphere. The network is composed of 13 centers located in several countries, such as Norway, the United States, Saudi Arabia, Canada and Singapore. According to Schlumberger Executive Director Antônio Ferreira, the technological center is expected to open some 300 jobs for Brazilian technicians.

Petrobras E&P director Guilherme Estrella said it was very important for Petrobras to make strategic alliances with companies like Schlumberger, considering the challenges that will surface when Petrobras begins its pre-salt activities. "Today means a lot to us and to Schlumberger. In five or 10 years we will realize how important this day was to us," said the director.
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04.05.09 10:19:59
Beitrag Nr. 15 ()
03.05.2009 19:18
Schlumberger shares have more room to rise-Barron's

NEW YORK, May 3 (Reuters) - Shares in oil services company Schlumberger (News) may rise as much as 25 percent in the next two years if the global economy begins to recover in 2010 or in 2011, according to a report in Barron's.

The story in the May 4 edition said that in the case of a strong global rebound the stock, which closed at $50.67 on New York Stock Exchange on Friday, could be as much as 50 percent higher four or five years from now.

Even though Schlumberger shares have already risen from their February low of $35, Barron's argues that its price to earnings ratio of 19 is still well below its median P/E of 23.

If oil demand fully recovers it could get to a P/E of 25, implying a $75 share price, according to the report.
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21.05.09 10:19:15
Beitrag Nr. 16 ()
Schlumberger Acquires Techsia

Wednesday, May 20, 2009

Schlumberger has acquired the shares of Techsia SA, a supplier of petrophysical software based in Montpellier, France. Techsia, well-known in the industry for its flagship Techlog© product, will become the Schlumberger Petrophysics Software Center of Excellence for the development of state-of-the-art solutions for the oil and gas exploration and production industry.

“Techlog will form a powerful complement to the industry-leading Petrel* earth model through an integrated approach to log and core petrophysical interpretation. This will be particularly valuable in enabling real-time workflows for well construction. In addition, once operating in the Ocean* environment, Techlog will feature the same level of open-platform capability as the rest of our new-generation products,” said Tony Bowman, president of Schlumberger Information Solutions.

Stephanie Gottlib-Zeh, founder, president and chief executive officer of Techsia, added, “We see this move by Schlumberger as recognition of the high-quality software developed by Techsia. Accessing the Schlumberger global sales and business development organization will directly allow Techlog© to achieve greater market penetration and accelerate the realization of integrated workflows from the wellbore to the reservoir to change the game for reservoir management. I am convinced that the cultural fit between Techsia and Schlumberger will foster increasing innovation and create further opportunities.”

Techsia, currently employing 53 people, will continue to operate under its own name. Future product development will benefit from collaboration with a number of Schlumberger research and development centers that offer knowledge and expertise in geomechanics, well placement, production logging and fluid characterization. In addition, the introduction of the Techsia Malcom© solution for the chromatographic analysis of fluid samples will be enhanced by the global reach of Schlumberger.
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21.07.09 14:30:10
Beitrag Nr. 17 ()
Schlumberger Forever
by: Shiv Kapoor July 21, 2009 | about: SLB


Fundamentals

Core Business Fundamentals

As regards the future;

1. Schlumberger derives much of its demand from the Energy Industry. The sector is in a particularly powerful up-trend, caused by demand in emerging markets, most notably China and India. This is offset by demand reduction in developed economies.
2. Natural resources by nature are finite. The cost of discovering and developing new fields is increasing, and the depletion rate of aging resources is accelerating. As new mines are developed to satisfy rising demand, the marginal cost of production increases. In such a situation, prices must rise. The demand to discover and develop new fields creates a market for Schlumberger products.
3. Natural resource owners typically have backward sloping supply curves during periods when rising marginal cost of new fields causes a shift in the supply curve. Producer assets are safe underground and when prices are low relative to future expectations, the incentive to monetize commodities is also low. Thus supply falls despite rising prices and this drives prices up further; in fact the spread between spot and future prices creates an arbitrage opportunity which puts an upward trend on spot rates. As prices rise, profitability of the entire sector rises; the old low marginal cost fields are highly profitable offset in part by the increased cost of developing new fields. Strength in profitability of the resource sector will typically lead to stronger demand and margins for Schlumberger.
4. The massive liquidity and stimulus packages by governments the world over should result in inflation down the road. Inflation expectations typically result in firm commodity prices. This expectation will likely be quickly offset by rapid reduction in leverage and liquidity once a recovery takes hold firmly. Strength in profitability of the resource sector will typically lead to stronger demand and margins for Schlumberger.
5. As risk aversion abates, capital outflows is likely to result in a weaker dollar. The dollar may also weaken as a result of challenges to its status as the world’s reserve currency; though this will take time. A weak dollar results in firm commodity prices and consequently strong demand for Schlumberger’s services together with higher margins due to continuing resource constraints.
6. The financial crisis impacts everyone. However the direct impact on Schlumberger is muted as the customer base includes financially strong big oil names and major national oil companies. Nevertheless, in the short term, lower investments in new fields will suppress demand and margins.
7. Schlumberger is the top innovator in Oilfield services. Their ingenuity has increased productivity of aging and depleting fields. New fields benefit from new technology too; the company is able to deliver amongst other things cost saving technologies which enhance longevity.
8. Schlumberger is an essential service provider to big oil companies. The threat to growth in big oil which comes from national oil companies does not apply to Schlumberger; in fact Schlumberger is an essential partner to national oil companies. Whereas in the past, national oil companies partnered with big oil for expertise, today they can buy expertise as a service. For national oil service companies, this is a big plus provided they are willing to take 100% of the risk; unlike big oil, Schlumberger will not fully participate in risk. In truth, I think the risk to big oil growth potential is over stated, because several national oil companies will ultimately recognize the benefit of gaining wider geographic resource coverage through diversification of risk by partnering with big oil.
9. At the end of 2008, Schlumberger had a book value per share of just over $14. The lowest the share price got to was $35. People have questioned valuation on the basis of the significant premium to book value. Schlumberger’s ability to demand and command premium valuations comes in part through its off balance sheet assets. The intellectual property and ability to innovate is a huge value creator not on the balance sheet. The other major off balance sheet asset is human capital. Because the Company is what it is, it is able to attract and retain the best talent. The value inherent in this talent is unlocked through impressive training programs in every field; be it engineering, finance, QHSE or general management, amongst others. Individual goals are well aligned with those of the Company; compensation and benefits including stock benefit plans are used with great effect; yet the biggest advantage is the opportunity for self actualization available to any and every employee at Schlumberger. The work force is diverse and totally globalized and yet the Company has instilled a corporate value system which makes each employee uniquely “Schlumberger”. The exceptional quality of human capital permeates through the organization; it is unrelenting, you find quality in the words of Andrew Gould, the Chief Executive Officer; you will also find the most exceptional quality in the junior most field engineer.
10. This is a truly great Company. It is even stronger today since it has returned to what it is best at after abandoning its ambitions in information technology and other businesses. It has a place as a core holding in every good portfolio. Buying in might require suppression of greed because it never gets cheap in the context of the market at a point in time.

Overall, I believe the long term prospects are strong; however, I do not believe that annual growth rates of 9.94% achieved over the 16 years ended 31 December 2008 can continue ad infinitum. I expect nominal growth rates to range from 6% to 8% made up of real growth of 3% to 4% (in line with global GDP growth rates) and inflation rates ranging between 3% and 4%.

Leverage

At the end of the quarter ended 31 March 2009, long and short term investments together with cash exceeded total debt by $504 million. The strong balance sheet is one reason why Schlumberger will weather the financial crisis and come out even stronger at the other end.

Delivering and Returning Shareholder Value

Over the last 16 years ended 31 December 2008, Schlumberger has grown earnings at an astounding 13.29% annualized. During this period, dividends have growth by a sedate 6.4% annualized. The annual share price appreciation delivered at 13.29% annualized; the annualized return is 8.9% annualized using the $47.12 average share price for 2009. During the same period, the shares outstanding have been increased significantly. New capital and dilution as a result of employee awards net of buybacks has resulted in a situation where shares outstanding increased from 974 million shares during 1993 to near 1.2 billion shares today. Dilution is considered a threat by several investors; however for a services company the ability to align employee interests with those of shareholders is important. The dilution at an annualized rate of 1.28% is more than offset by total earnings growth of 13.29% despite the dilution. If you look at earnings growth in the underlying business of the company, the growth has been an even more impressive 14.74%. The impact of dilution has been cleverly minimized through implementation of share buybacks from time to time.

The company has returned value to shareholders in three ways [a] dividends, buy backs and [c] share price appreciation. Responsible shareholder value return makes these shares attractive to the broadest investor audience and this has a great impact on share prices and value recognition. This is a thinking company; simple actions such as regular share splits to reduce the value per share are undertaken to ensure that it remains widely held; this does not have any impact on the enterprise value but it certainly draws liquidity to the ticker and with liquidity comes superior valuations. And make no mistake about it, the market value of the share is the most important currency for a company; particularly during a period of M&A activity.

Returning shareholder value through buybacks is powerful. It has several advantages over and above dividends. For departing shareholders, demand for shares by the company allows for stronger relative share values, which provides a better capital gain or smaller capital loss on exit. Buybacks are also very tax effective for continuing shareholders; the share count reducing means that the continuing shareholder owns a larger percentage of the company following a buyback; in effect the continuing shareholder has succeeded in securing a higher percentage ownership without a tax burden. Compare this to the dividend re-investment option where there would be a significant tax cost associated with dividend income, which leaves less available for investment. Buybacks also allow employees to be compensated through stock grants and option awards minimizing the threat of dilution. Finally, buybacks can easily be suspended during difficult economic times without having an adverse impact on share prices compared with the reaction on suspending a dividend. Why then not simply return shareholder value using only buybacks?

There are a few very significant reasons; firstly a buyback program is not regarded as a dividend by investors. Thus income investors tend to shun shares which reward shareholders only through share buybacks; this lack of investor interest has a significant impact of market value of shares. Secondly, companies are not very good at handling share buyback programs. The natural tendency is to buyback when valuations are high and not while they are low. Finally, an investor in Schlumberger invests to profit from their magnificent services; when Schlumberger buys its own shares, they are in effect speculating in their shares. I would trust Warren Buffett with a buyback program because his business is investing; but for a normal Company the focus is returning shareholder value not investing activity.

Dividends are dangerous too. When a company targets a payout ratio of say 50%; during tough times, suspending dividends might be the outcome. And this is not good for share values.

It is for this reason I believe a combination of dividends and buybacks is the most effective mechanism for returning shareholder value. Suppose a company returns value through dividends with a payout of 25%; it is likely that such a dividend will be sustainable even in a bad year. The company could return a further 25% payout through a buyback program; in a rough year such a program could easily be suspended with a smaller negative impact on share values.

For Schlumberger, the dividend payout over the 16 year period ended 31 December 2008 has averaged 43% of EPS (median payout 46%). After considering share dilution, the adjusted payout has averaged 3% (median adjusted payout 21%). In my view they have done well; but I would feel happier with a smaller dividend and a higher systematic buyback program which fully eliminates dilutive effects.

Valuation

In terms of growth, over the sixteen years between 1993 and 2008, SLB’s performance has been formidable; Estimated Free Cash Flow has grown at over 10.18% annualized while EPS has grown at near 13.29% annualized. Earnings growth after considering the impact of dilution during this period has been even higher at 14.74%; when I say earnings growth I mean earnings in total for the company, regardless of the number of shareholders. This compares with GDP growth during this period of 4.5% (2% real growth plus 2.5% inflation) during the same period. This is a great achievement by any standards; it reflects well on both the service quality and management at SLB.

Going ahead can we expect more of the same? Overall, I believe the long term prospects are strong; however, I do not believe that annual growth rates of 13.29% achieved over the 16 years ended 31 December 2008 can continue ad infinitum. I expect nominal growth rates to range from 6% to 8% made up of real growth of 3% to 4% (in line with global GDP growth rates) and inflation rates ranging between 3% and 4%. With the financial crisis, we can expect some slowdown in long term growth expectations in the US and OECD Countries with perhaps a slower degree of slowdown in the emerging markets in the near future.

I have assumed a long term growth expectation of 7% made up of 3.5% real global GDP growth and 3.5% global inflation. I believe these rates to be achievable and conservative; particularly as SLB is aggressively entering emerging markets. Valuing the FCF in perpetuity [(FCF*1.07)/(11%-7%)] at a target long term annualized rate of return of 11%, gives a value of near $88. Valuing 2008 EPS on the same basis gives a value of near $118. Going with the Gordon's Growth Model, which values dividend on the same basis, we get a value of near $22. The problem with all three is that 2008 numbers are used; why not use 2009 numbers instead?

Using 2009 numbers we get values of $68, $69 and $22 respectively. We could now argue that 2009 numbers are estimates only; besides, they might not reflect a reasonable starting point for the exercise of valuation. Why not use the six year cycle averages and use the averages expected to prevail at end 2009? Using the six year average EPS expected at end 2009 of $2.82, we arrive at a value of $76; we get $64 if we use six year average free cash flow. A Gordon’s Growth Model using six year average EPS and a 50% payout ratio results in a value of $38.

For multiple based valuations, I have used the six year cycle EPS, multiplied by the median six year PE (PE 6) to arrive at $88 as a reasonable price target. In order to eliminate the impact of the high valuations during the 16 year period of extraordinary growth, I have also come up with a target price of $80 using six year cycle EPS, multiplied by the bottom quartile six year PE.

In my view $38 is a good entry point for an investor in perpetuity; this is based on a modified Gordons Growth Model using six year average EPS and a 50% payout ratio together with future dividend growth at 7% and a required investor return of 11% annually. For a person with a shorter holding period, an exit target of $80 over 12 months is not unrealistic. With no immediate catalysts in sight, SLB might take longer to produce results and it does carry risks of a double dip recession; yet I believe the valuation is compelling and the dividend will provide some reward for the risk undertaken.

The Estimated Free Cash Flow is simply the Diluted EPS (Excluding Items) Plus Depreciation Less Capex. The EPS is the diluted number excluding items. The annual average price is the average daily closing price for each year.

The six year average EPS is an attempt to smooth earnings over an economic cycle; during this period we have had the Asian Contagion of 1997, the IT bubble and now the bursting of the US property and debt bubbles. With these cyclical forces at work, it is senseless to look at the long term potential of a business based on a single quarter or year. The PE measure is a traditional PE (Price/EPS); except that it is calculated on the annual average price. The PE 6 measure is the annual average price divided by the six year average EPS.

If anyone is interested in the detailed numbers, leave me a message and I will post it on my website.

As an ex Schlumberger employees, my views might be somewhat tainted; I have tried to remain neutral but I do have a great deal of admiration for the Company, its employees and its management.

Disclosure: Long SLB
Avatar
24.07.09 00:49:32
Beitrag Nr. 18 ()
Schlumberger's Moment Of Truth
Carl Gutierrez, 07.23.09, 06:00 PM EDT
The oil services firm will have to prove to investors its ability to manage an uncertain future.


Schlumberger's managers will have to prove their tenacity on Friday to be able to navigate through tighter margins, fewer operations, and a dim outlook for oil prices.

Since the beginning of the year Schlumberger ( SLB - news - people )'s stock has grown 36.1%. Even so, Wall Street analysts expect the firm's second quarter earnings to be about half of the $1.16 per share it recorded last year, instead reaching 63 cents.
Article Controls

The drop is understandable. A year ago oil flirted with $150-per-barrel prices, but since then oil and natural-gas producers cut operations as the market tumbled. The industry has mounted something of a comeback over the past seven months though. The Energy Select Sector SPDR ( XLE - news - people ) exchange-traded fund has risen 6.1% in 2009, while peers like Halliburton ( HAL - news - people ) and BJ Services ( BJS - news - people ) have risen 26.6%, and 28.3%, respectively.

Like Halliburton, which reported earlier this week, slowed drilling activity has forced Schlumberger to contend with tight margins and lower rigs. (See "Halliburton's Tough Quarter.") By the end of the second quarter, Schlumberger's peer's profit tumbled, mostly due to the drop in natural-gas production in North America. Investors were left discouraged though when Halliburton offered only muted hope for an increase in drilling by the end of the year.
Avatar
24.07.09 15:22:27
Beitrag Nr. 19 ()
24.07.2009 12:02
Schlumberger Announces Second-Quarter 2009 Results

Schlumberger Limited (NYSE:SLB) today reported second-quarter revenue of $5.53 billion versus $6.00 billion in the first quarter of 2009, and $6.75 billion in the second quarter of 2008.

Income from continuing operations attributable to Schlumberger, excluding charges, was $820 million — a decrease of 13% sequentially and 42% year-on-year. Diluted earnings-per-share from continuing operations, excluding charges, was $0.68 versus $0.78 in the previous quarter, and $1.16 in the second quarter of 2008.

Income from continuing operations attributable to Schlumberger, including charges, was $613 million or $0.51 per share versus $0.78 in the previous quarter, and $1.16 in the second quarter of 2008.

Oilfield Services revenue of $4.96 billion was 9% lower sequentially and 18% lower year-on-year. Pretax segment operating income of $1.02 billion was 19% lower sequentially and 40% lower year-on-year.

WesternGeco revenue of $559 million was 1% higher sequentially but down 17% year-on-year. Pretax segment operating income of $97 million increased 77% sequentially but was 51% lower year-on-year.

Schlumberger Chairman and CEO Andrew Gould commented, ”Compared to the first quarter, the overall sequential rate of revenue decline slowed as a further precipitous drop in North America was offset by slowing rates of decline and some recovery in other parts of the world. In Russia, revenue recovered noticeably due to seasonal trends and improving activity.

North American gas drilling in both the US and Canada reached a five-year low as demand remained weak and storage remained at levels way above seasonal averages. Whilst production has begun to show some decline and summer demand has been strong, it will still require a further substantial increase in demand to stimulate and sustain higher levels of drilling. We do not anticipate this will happen before 2010.

At WesternGeco, there was some recovery in Multiclient sales both in North America and overseas although this, together with increased activity in Land, was offset by weaker Marine revenue. Marine pricing continued to decline due to excess capacity in the market. Several new marine and land contracts were booked during the quarter giving better visibility on the next few months however multiclient sales remain difficult to forecast until there is better visibility on year-end oil prices.

Overall, our operating cost base declined approximately $300 million compared to the first quarter as cost reduction programs continued to be implemented. Careful management of both working capital and investment led to a liquidity improvement of $537 million in the quarter.

Our outlook for the remainder of 2009 assumes some stability but no major increase in the North American natural gas rig count and as a result service pricing will remain depressed. Overseas, further activity declines will occur but will be limited and the pricing concessions made in the first half of the year will affect revenues in the second half. The current volatility in the oil price makes it unlikely that our customers will sanction any major increases in expenditures.

We are aware that a number of projects are continuing to be postponed or cancelled. We are also concerned that the higher finding and development costs of new supply, coupled with lower oil and gas prices and more restrictive credit markets are stifling investment flows. This situation, if it persists, will lead to inadequate supply when demand growth returns. The shape of the economic recovery beyond 2009 and the consequent recovery in oil and gas demand remain the determining factors for future activity increases.”

Other Events:

* Schlumberger continued to reduce its global workforce as a result of the slowdown in oil and gas exploration and production spending and its effect on activity in the oilfield services sector. These actions resulted in Schlumberger recording charges of $0.07 per share during the second quarter of 2009, primarily related to severance. Furthermore, as a consequence of these workforce reductions, Schlumberger also recorded non-cash pension and other postretirement benefit curtailment charges of $0.10 per share during the quarter.

Consolidated Statement of Income

(Stated in millions, except per share amounts)

Second Quarter Six Months




For Periods Ended June 30
2009 2008 2009 2008





Revenue
$ 5,528 $ 6,746 $ 11,528 $ 13,036




Interest and other income, net (1)
60 97 137 199




Expenses



Cost of goods sold and services (2)
4,409 4,609 8,897 8,968
Research&engineering 197 197 386 389
Marketing 23 26 45 49
General&administrative 131 146 261 284
Interest 61 61 116 127




Income from Continuing Operations before taxes
767 1,804 1,960 3,418




Taxes on income (2)
152 378 404 686




Income from Continuing Operations
615 1,426 1,556 2,732




Discontinued Operations
- - - 38




Net Income
615 1,426 1,556 2,770




Net Income attributable to the noncontrolling interest
(2 ) (6 ) (4 ) (12 )




Net Income attributable to Schlumberger (2)
$ 613 $ 1,420 $ 1,552 $ 2,758





Schlumberger amounts attributable to:





Income from Continuing Operations
$ 613 $ 1,420 $ 1,552 $ 2,720




Discontinued Operations
- - - 38




Net Income
$ 613 $ 1,420 $ 1,552 $ 2,758





Diluted Earnings-Per-Share of Schlumberger:





Income from Continuing Operations
$ 0.51 $ 1.16 $ 1.28 $ 2.22




Discontinued Operations
- - - 0.03




Net Income
$ 0.51 $ 1.16 $ 1.28 $ 2.25





Average shares outstanding
1,197 1,195 1,197 1,196




Average shares outstanding assuming dilution
1,214 1,230 1,212 1,231





Depreciation&amortization included in expenses (3)
$ 626 $ 556 $ 1,235 $ 1,073


1)


Includes interest income of:


Second Quarter 2009 - $17 million (2008 - $25 million)


Six months 2009 - $36 million (2008 - $63 million)

2)


See page 7 for details of Charges.

3)


Including Multiclient seismic data cost.

Condensed Consolidated Balance Sheet

(Stated in millions)

Jun. 30, Dec. 31,
Assets 2009 2008
Current Assets
Cash and short-term investments $ 4,411 $ 3,692
Other current assets 9,244 9,202
13,655 12,894
Fixed income investments, held to maturity 464 470
Fixed assets 9,688 9,690
Multiclient seismic data 265 287
Goodwill 5,266 5,189
Other assets 3,622 3,461

$ 32,960 $ 31,991


Liabilities and Equity
Current Liabilities
Accounts payable and accrued liabilities $ 4,710 $ 5,268
Estimated liability for taxes on income 924 1,007
Bank loans and current portion of long-term debt 1,253 1,598
Convertible debentures 321 -
Dividend payable 253 252
7,461 8,125
Convertible debentures - 321
Other long-term debt 4,291 3,372
Postretirement benefits 1,596 2,369
Other liabilities 878 870
14,226 15,057
Equity 18,734 16,934

$ 32,960 $ 31,991


Net Debt

”Net Debt” represents gross debt less cash, short-term investments and fixed income investments, held to maturity. Management believes that Net Debt provides useful information regarding the level of Schlumberger indebtedness by reflecting cash and investments that could be used to repay debt. Details of Net Debt follow:
(Stated in millions)

Six Months 2009
Net Debt, January 1, 2009 $ (1,129 )
Net income 1,556
Depreciation and amortization 1,235
Non-cash postretirement benefits curtailment charge 136
Excess of equity income over dividends received (37 )
Stock-based compensation expense 92
Increase in working capital requirements (675 )
Capital expenditure (1,252 )
Multiclient seismic data capitalized (89 )
Dividends paid (502 )
Proceeds from employee stock plans 43
Business acquisitions (198 )
Pension plan funding (502 )
Other 368
Translation effect on net debt (36 )
Net Debt, June 30, 2009 $ (990 )



Components of Net Debt


Jun. 30,
2009


Dec. 31,
2008
Cash and short-term investments $ 4,411 $ 3,692
Fixed income investments, held to maturity 464 470
Bank loans and current portion of long-term debt (1,253 ) (1,598 )
Convertible debentures (321 ) (321 )
Other long-term debt (4,291 ) (3,372 )
$ (990 ) $ (1,129 )


Business Review

(Stated in millions)

Second Quarter Six Months
2009 2008 % chg 2009 2008 % chg

Oilfield Services

Revenue $ 4,956 $ 6,066 (18 )%

$


10,395


$


11,671
(11 )%
Pretax Operating Income $ 1,022 $ 1,704 (40 )% $ 2,278 $ 3,206 (29 )%


WesternGeco

Revenue $ 559 $ 671 (17 )% $ 1,110 $ 1,347 (18 )%
Pretax Operating Income $ 97 $ 196 (51 )% $ 151 $ 393 (61 )%

Pretax operating income represents the segments’ income before taxes and noncontrolling interest. The pretax operating income excludes such items as corporate expenses and interest income and interest expense not allocated to the segments as well as the charges described on page 7, amortization of certain intangible assets, interest on postretirement medical benefits and stock-based compensation costs.

Charges

In addition to financial results determined in accordance with generally accepted accounting principles (GAAP) this Second-Quarter Earnings Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G). The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures:

( Stated in millions, except per share amounts )

Second Quarter 2009
Pretax Tax

Noncont.
Interest
Net Diluted

EPS


Income Statement
Classification

Income from Continuing Operations attributable to Schlumberger


$


767


$


152


$


(2


)


$


613


$


0.51

Add back charges: -
- Workforce reduction 102 17 - 85 0.07 Cost of goods sold and services
- Postretirement benefits curtailment 136 14 - 122 0.10 Cost of goods sold and services

Income from Continuing Operations attributable to Schlumberger, before charges


$


1,005


$


183


$


(2


)


$


820


$


0.68



There were no charges in either the first quarter of 2009 or the first six months of 2008.

Oilfield Services

Second-quarter revenue of $4.96 billion was 9% lower sequentially and 18% lower year-on-year driven by a 31% fall in North America moderated by a 3% decline internationally. The significant drop in North America revenue resulted primarily from a further decrease in activity in the US Land GeoMarket*, the impact of spring break-up and generally reduced drilling activity in Canada, and additional pricing erosion across the Area. The reduction in revenue across the other Areas was primarily due to lower overall activity levels, although improvements were noted in Russia, East Asia and Mexico/Central America. Across all Areas, revenue declines were most significant in Well Services, Drilling&Measurements and Wireline activities.

Second-quarter pretax operating income of $1.02 billion was 19% lower sequentially and 40% lower year-on-year. Pretax operating margin decreased 245 basis points (bps) sequentially to 20.6% primarily due to the impact of the severe reduction in activity and pricing in North America and the overall lower level of international activity.

North America

Revenue of $819 million was 31% lower sequentially and 43% lower year-on-year. Pretax operating income of $8 million was 95% lower sequentially and down 98% year-on-year.

Sequentially, the US Land GeoMarket recorded a further steep drop in revenue as rig count declined approximately 27% and pricing continued to erode. Canada GeoMarket revenue also dropped significantly due to the impact of the seasonal spring break-up, a general reduction in land drilling activity and significant pricing pressure. US Gulf of Mexico revenue fell modestly as lower pricing and a further weakening in shelf drilling activity were partially offset by slightly higher deepwater activity.

Pretax operating margin decreased sequentially by 12.7 percentage points to 1.0% on the heavy pricing pressure across most of the Area and the sharp drop in activity primarily in the US Land and Canada GeoMarkets.

A world record formation pressure-while-drilling job has been run in a deepwater Chevron well in the US Gulf of Mexico while recording formation pressures for pore pressure model calibration and mud weight optimization. The well was successfully drilled to total depth using PowerDrive X5* technology in 92 days, beating the plan by 40 days. During drilling, the StethoScope* tool took the deepest pressure measurement at a measured depth of 32,883 ft and set new records for formation and hydrostatic pressures.

In California, Schlumberger performed two StimMAP* Live real-time operations for Occidental Petroleum to monitor hydraulic fracture propagation on two wells each estimated to need five- to six-stage stimulations. During treatment of one of the wells, the StimMAP Live process indicated the fracture to be growing not only in the region of one stage but also in that of the next two stages planned. Occidental quickly increased the amount of proppant to be pumped to cover these stages thereby saving ten hours operating time.

In Alaska, Drilling&Measurements PowerDrive* rotary-steerable systems were used to achieve new levels of performance on two Chevron wells in the Cook Inlet. In one well, PowerDrive Xceed* technology was used to drill 4,015 ft in 253 hours in one run, while on the second the PowerDrive X5 system completed a single run of 2,599 ft in 100 hours. Both wells were drilled with zero non-productive time leading Chevron Alaska to comment that the performance represented a step change in drilling for this area.

Also in Alaska, the Schlumberger Wireline Multi Express* slim sonic tool was successfully deployed in a Chevron well to obtain compressional velocity data. The drilling operation required installation of a contingency liner in the well to counter difficult well conditions that prevented acquisition in open hole.

In Louisiana, Schlumberger Drilling&Measurements directional drilling technologies were deployed on a complex directional well in the Haynesville Shale for Camterra Resources Partners Ltd. PowerDrive rotary-steerable tools were used to drill the well at temperatures of up to 318 deg F with rates of penetration nearly three times faster than previously achieved with conventional motors. Subsequent wells by this operator have been awarded to Schlumberger, with specialist extended-reach-drilling engineering expertise being provided by the Schlumberger K&M technology group, a leader in extended-reach drilling technology.

In the US Gulf of Mexico, Schlumberger Drilling&Measurements logging-while-drilling (LWD) services were used by a Joint Industry Project on a seven-well drilling program to evaluate gas hydrates. The project was operated by Chevron together with the US Department of Energy, the US Geological Survey (USGS), and Columbia University and used a custom bottom-hole assembly of sonicVISION*, TeleScope*, EcoScope*, PeriScope*, geoVISION* and SonicScope* advanced technologies. A multi-disciplinary team from Drilling&Measurements, Data& Consulting Services and the Schlumberger Technology Centers planned and executed the program in a tight 20-day drilling schedule. The USGS recognized the data sets as likely to contribute greatly to their understanding of gas hydrates.

Latin America

Revenue of $995 million was 3% lower sequentially and 6% lower year-on-year. Pretax operating income of $176 million was 13% lower sequentially and 28% lower year-on-year.

Sequentially, Area revenue decreased primarily as the result of significantly lower activity and the deferral of revenue pending finalization of certain contracts in the Venezuela/Trinidad&Tobago GeoMarket. This decrease, however, was partially offset by an increase in the Mexico/Central America GeoMarket from higher IPM project efficiency and activity.

Pretax operating margin decreased 206 bps sequentially to 17.6% primarily due to a less favorable revenue mix coupled with higher operating costs in the Brazil GeoMarket; currency revaluation losses and pricing pressure in the Peru/Colombia/Ecuador GeoMarket; and the impact of the lower activity in the Venezuela/Trinidad&Tobago GeoMarket. These decreases were partially offset by increased IPM project efficiency and activity in Mexico/Central America.

In Brazil, OGX awarded Schlumberger an integrated services contract to provide well construction engineering, project coordination, geomechanical modeling, openhole wireline logging, directional drilling, LWD, cementing, completions, well testing and artificial lift services on four offshore semisubmersible drilling rigs. The two-year contract with possible extensions covers operations on 11 blocks in the Santos and Campos basins. OGX is the largest Brazilian private E&P company by offshore exploratory acreage with 22 blocks in 4 sedimentary basins.

In Mexico, Schlumberger Drilling&Measurements technology set new records for performance. On one job offshore, the PowerDrive vorteX* powered rotary-steerable system achieved drilling rates of 75 ft/hr—representing a 50% improvement over that previously achieved—while the PowerDrive X5 system deployed on the Alianza IPM project set a new in-hole operating record for this technology of 266 circulating hours in a single run.

Also in Mexico, deployment of Schlumberger Wireline high-shot density guns loaded with PowerJet Omega* charges and run under the PURE* dynamic underbalanced perforating technique increased performance in a deep high-pressure, high-temperature carbonate well. The application demonstrated the superiority of the technique with production reaching 80% of potential immediately after perforation compared to a similar well perforated conventionally in the same field, which took three months to reach 60% of its potential.

Elsewhere in Mexico, systematic application of Schlumberger Wireline downhole fluid analysis and fluid sampling using MDT* Modular Formation Dynamics Tester technology enabled reservoir compartmentalization to be assessed in the Pemex Perdiz field. In a recent well this formation-testing technology identified a new oil zone that was subsequently confirmed as productive. In addition, Schlumberger Wireline Rt Scanner* technology was run in the Pache and Perdiz fields to help localize mud losses due to drilling-induced fracturing and to evaluate the permeability ratio in the highly compartmentalized sands. The technology demonstrated that it is possible to measure the maximum horizontal stress with a resistivity tool to provide valuable information to optimize drilling and update geomechanical models.

In Ecuador, accurate well placement using Schlumberger Drilling& Measurements PeriScope imaging-while-drilling technology yielded a five-fold production increase while saving $800,000 on the Andes Petroleum Fanny-18B-120H horizontal well. A dedicated Data&Consulting Services team provided landing and navigation support around the clock from the client’s office to successfully place the well close to the roof of the reservoir in order to delay water influx. The combination of Schlumberger technology and expertise resulted in 100% net pay well placement with a maximum separation of 8.5 ft true vertical depth from the reservoir top.

In Peru, Schlumberger completed an extensive wireline logging program including heavy oil sampling for Perenco — successfully overcoming the logistical, environmental and technical challenges of a complex jungle operation in the Maranon basin. After executing a full logging suite that included Scanner* Family technology, 7 single-phase heavy oil samples and 10 water samples were successfully acquired.

Europe/CIS/Africa

Revenue of $1.78 billion was 1% lower sequentially and 14% lower year-on-year. Pretax operating income of $432 million was 8% lower sequentially and 26% lower year-on-year.

Sequentially, Russia revenue increased on the seasonal rebound of offshore activities in the East and generally improved activity levels in East and West Siberia as well as through higher sales of Artificial Lift and Completions products. The North Africa GeoMarket also increased on strong demand for Testing Services technologies and Completions products. These increases were offset by lower revenue in the Nigeria& Gulf of Guinea and the West&South Africa GeoMarkets due to reduced activity levels that mainly impacted Drilling&Measurements and Wireline services. The Caspian and North Sea GeoMarkets were down primarily due to reduced demand for Drilling&Measurements and Well Services technologies. Sequentially, revenue also declined in the Continental Europe GeoMarket due to lower SIS software sales as well as reduced demand for Drilling&Measurements, Wireline and Testing Services technologies.

Pretax operating margin of 24.2% dropped 172 bps sequentially primarily due to the lower activity levels and a less favorable revenue mix in the Nigeria&Gulf of Guinea, West&South Africa and North Sea GeoMarkets. These decreases, however, were partially offset by the improving activity levels in Russia.

Offshore Sakhalin Island, Russia, two more gas production wells were perforated on the Lunskoye gas field operated by the Sakhalin Energy Investment Company Ltd. The jobs were conducted using the Schlumberger Completion Insertion and Removal under Pressure technique on coiled tubing. The perforated intervals were shot with tubing-conveyed perforating guns fired using dual Hydraulic Delay Firing heads to enable the operation to be conducted in one run with the well underbalanced to prevent formation damage and potential well control risks.

Also in Russia, Schlumberger recently signed a technology cooperation agreement with OZNA — a leader in the oil well flow-metering business and a major supplier of surface pumping and injection systems for production optimization. As part of this agreement, OZNA becomes the exclusive provider of automated group metering stations using Schlumberger Testing Services proprietary Vx* technology for oilfield land applications in Russia and the CIS.

Elsewhere in Russia, JSC Surgutneftegas awarded Schlumberger Data& Consulting Services and SIS a contract for development optimization of one of the largest oilfields in Russia. The contract includes consulting services, Petrel* workflow process and Eclipse* reservoir simulation software together with the required hardware. The project represents a continuation of a successful two-year cooperation and will help allow JSC Surgutneftegas to sustain production from the target oilfield, as well as acquire additional expertise through joint operations.

In Turkmenistan, new Schlumberger Drilling&Measurements technology including the StethoScope formation pressure-while-drilling service was deployed for Petronas Carigali on the Magtymguly Drilling Platform. Excellent service quality has led to a contract extension and potential application of the technology in future wells.

In Azerbaijan, Schlumberger Testing Services performed a complex offshore high-pressure, high-temperature well test for BP during which a number of technical challenges were overcome with innovative engineering solutions that led to excellent execution recognized by the client as a global standard. During the 14-week test, 2 drill-stem tests were run in the well, which had been drilled in 527 m of water to 6,568 m measured depth at a maximum deviation of 34 degrees.

In Libya, Schlumberger Drilling&Measurements EcoScope multifunction source-less LWD technology was deployed to log the first offshore exploration well for Repsol Exploration Murzuq S.A. The preliminary integrated petrophysical analysis performed while drilling enabled client objectives to be met while significantly decreasing exposure to drilling risks and contributing to proper reservoir characterization.

In the UK North Sea, Talisman Energy (UK) Limited awarded Schlumberger a three-year contract for Drilling&Measurements services on up to five platforms or semi-submersible rigs. The technologies to be deployed include PowerDrive rotary-steerable systems and Scope* Family advanced LWD tools.

In the Norwegian sector of the North Sea, Schlumberger completed an extensive wireline logging job for Shell on the Gro field which included seven runs to acquire comprehensive formation evaluation data together with fluid samples, sidewall cores and seismic check shots. The data, including Rt Scanner and Sonic Scanner* logs were transmitted in real time to refine details of subsequent runs. The MDT Modular Formations Dynamics Tester tests and samples contributed to a complete formation evaluation of the well, including estimation of the free water level. Operational highlights included meeting the customer’s Zero Incidents objective and operating for 206 hours with 98.8% efficiency.

In Equatorial Guinea, Schlumberger has been awarded a contract extension with further options by Hess Equatorial Guinea for Well Services, Drilling&Measurements and Wireline services. The extension introduces an incentive scheme to enhance performance and encourage innovation.

Middle East&Asia

Revenue of $1.31 billion was 5% lower sequentially and 9% lower year-on-year. Pretax operating income of $421 million was 8% lower sequentially and 20% lower year-on-year.

Sequentially, revenue decreased primarily due to lower activity in the Gulf GeoMarkets as well as in the East Mediterranean, Arabian, Indonesia, Australia/Papua New Guinea and India GeoMarkets. Pricing pressure also began to impact revenue. These decreases were partially offset by an increase in revenue in the East Asia GeoMarket on strong exploration-related demand for Testing Services, Wireline and Well Services technologies and a rebound in activity in the China/Japan/Korea GeoMarket following the winter slowdown in the prior quarter.

Pretax operating margin slipped 107 bps sequentially to 32.1% primarily as the result of the lower overall activity in the Area.

In Saudi Arabia, a combination of Schlumberger Well Services and Wireline technologies was used in the Manifa field to demonstrate their viability in the stimulation of an extended-reach water-injection well. In a rig-less operation, coiled-tubing was run to acidize the injection zone of the 28,257-ft well with a VDA* Viscoelastic Diverting Acid treatment, before a memory production logging tool was used to record an injectivity test for water-injection planning purposes.

Also in Saudi Arabia, ACTive* Profiling, part of the Schlumberger Well Services ACTive Family of advanced real-time coiled-tubing services was deployed for the first time on a well for Saudi Aramco in the Khurais field on a matrix acidizing operation designed to stimulate tighter sections of the reservoir. Schlumberger Data&Consulting Services assisted in pre-job preparation and supplied well-site support that included interpretation of the ACTive Profiling distributed temperature surveys. All three laterals of well KHRS-176 were successfully stimulated resulting in production of 6,000 bopd—exceeding Saudi Aramco expectations.

In Abu Dhabi, Schlumberger Testing Services technologies were successfully deployed on the first Abu Dhabi Gas Development Company Limited (an ADNOC-ConocoPhillips joint venture) Arab Formation appraisal well under extreme well fluid and high temperature conditions. All well testing operations—including drill stem testing, sampling and well-site chemistry—were completed with no lost-time incidents in spite of natural gas compositions that included up to 26% hydrogen sulfide and 10% carbon dioxide at temperatures that reached 292 deg F. Many such gas fields in the Middle East are considered crucial in helping increase gas supply for electricity generation, heavy industry and petrochemical feedstocks.

Also in Abu Dhabi, Abu Dhabi Marine Operating Company (ADMA) is now using Petrel workflow process software 3D modeling for real-time geosteering in heterogeneous carbonate reservoirs. This allows the model to be updated in real-time with data from LWD technologies to assist the operations geologist achieve optimum well placement. The benefits include faster decisions to maximize drilling efficiency, reduce non-productive time, evaluate geological uncertainties and optimize production.

In Qatar, an innovative approach enabled Schlumberger Wireline to deploy a slim-hole tractor string to convey FlowScanner* production logging equipment in a horizontal well through quadruple blow-out preventers to avoid the flow choking limitations that affect other conveyance techniques. The first job was executed successfully, providing the client with a real-time flow profile along the entire openhole section of the well.

In the Malaysia-Thailand Joint Development Area, Schlumberger Well Services Vantage* coiled-tubing cable-head technology was successfully deployed for Carigali Hess Sdn. Bhd. on a nine-well perforating campaign that included four extended-reach wells — two of which required downhole tractoring technology to convey the guns to the desired depth. Combined with Schlumberger Wireline UPCT* Universal Perforating and Correlation technology, the higher rate pump-through capability of the Vantage system helped the campaign to be successfully completed five days ahead of schedule.

Following the success of Well Services StageFRAC* technology deployment on land in China for South West Oil&Gas Company in 2008, Schlumberger has been awarded two more multiple-stage StageFRAC projects — one in the GuanAn field and the second on a horizontal gas well in the HeChuan field. Elsewhere in China, a similar StageFRAC success on the North West China Dixi gas field has led to a further job award and to a new model being established for deep, naturally fissured volcanic formations.

In Australia, QGC — a BG Group business—has run hydraulic fracturing pilot operations in the Surat Basin in Queensland using Schlumberger Wireline VSI* Versatile Seismic Imager technology to aid understanding of how fractures propagate subsurface in coals to assist optimization of completion and hydraulic fracturing design. Schlumberger also acquired Wireline Sonic Scanner data for the first time in coal-seam gas fields in Australia to better understand fracture orientations and to obtain dynamic rock mechanics properties. The campaign has been recognized in reducing uncertainty over how fractures propagate in such complex environments.

WesternGeco

Second-quarter revenue of $559 million increased 1% sequentially but decreased 17% year-on-year. Pretax operating income of $97 million increased 77% sequentially but was 51% lower year-on-year.

Sequentially, Multiclient revenue improved primarily in North America due to increased sales of the E-Octopus surveys, and in the North Sea following the announcement of licensing round awards. Land revenue increased slightly with the start of a new project in Asia. These increases were partially offset by a decrease in Marine revenue on weaker activity.

Pretax operating margin increased 7.4 percentage points sequentially to 17.3% primarily due to higher Multiclient sales and improved profitability in Marine as cost reduction initiatives more than offset the impact of the lower revenue.

In Oman, Petroleum Development Oman LLC (PDO) awarded WesternGeco a land seismic acquisition survey over a 3,000 sq km area in the south. The Waad survey marks the first WesternGeco land seismic acquisition contract with PDO since 2004.

Offshore Brazil, WesternGeco Electromagnetics has begun a multiclient controlled-source electromagnetic (CSEM) and magneto-telluric (MT) survey over the Potiguar and Ceara basins. Survey locations have been identified through seismic data and PetroMod* petroleum systems modeling technology. The resulting integrated data sets derived from joint interpretation of seismic, CSEM, MT and petroleum system model inputs will be available in Petrel workflow process software.

Offshore Australia, WesternGeco DISCover* Deep Interpolated Streamer Coverage technology has been successfully used to efficiently acquire broad bandwidth seismic data rich in low-frequency information without compromising high-frequency content. Low frequency content is extremely important for high quality inversion and geological interpretation and the technique shows great promise in areas with complex overburden and deep targets. The service is available across the Q-Marine* fleet.

About Schlumberger

Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 79,000 people representing over 140 nationalities and working in more than 80 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.

Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $27.16 billion in 2008. For more information, visit www.SLB.com.

*Mark of Schlumberger

Notes

Schlumberger will hold a conference call to discuss the above announcement on Friday, July 24, 2009. The call is scheduled to begin at 3:00 pm Central European Summer Time (CEST), 9:00 am Eastern Daylight Time (EDT). To access the call, which is open to the public, please contact the conference call operator at +1-800-288-8967 within North America, or +1-612-332-0228 outside of North America, approximately 10 minutes prior to the call’s scheduled start time. Ask for the ”Schlumberger Earnings Conference Call.” At the conclusion of the conference call an audio replay will be available through August 24, 2009 by dialing +1-800-475-6701 within North America, or +1-320-365-3844 outside of North America, and providing the access code 100984.

The conference call will be webcast simultaneously at www.SLB.com/irwebcast on a listen-only basis. Please log in 15 minutes ahead of time to test your browser and register for the call. A replay of the webcast will also be available at the same web site.

Supplemental information in the form of a question and answer document on this press release and financial schedules are available at www.SLB.com/ir.

Contacts:

Schlumberger Limited
Malcolm Theobald, +1-713-375-3535
Vice President of Investor Relations
Robert Bergeron, +1-713-375-3535
Manager of Investor Relations
investor-relations@slb.com


© 2009 Business Wire
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24.07.09 16:08:10
Beitrag Nr. 20 ()
Schlumberger CEO: Service Prices Will Remain Depressed7-24-09 9:54 AM EDT | E-mail Article | Print Article

HOUSTON -(Dow Jones)- Schlumberger Ltd. (SLB) Chief Executive Andrew Gould said Friday that natural gas drilling activity in North America has reached some stability after the precipitous drop in recent quarters, but a rebound isn't expected soon.
The company assumes that there will be "no major increase in North American rig count until 2010," Gould said during a conference call with analysts. That means that "service prices will remain depressed," he said.

Gould also said that the recent increase in oil prices doesn't guarantee that the company's clients - oil and gas producers - will increase their spending, as oil markets are still very uncertain. "There's too much volatility in the oil price at the moment to sanction much increase in spending," he said.

Gould, who heads the largest oilfield services company in the world, said he was concerned about the effect of oil price volatility in the cash flow of oil and gas companies. "The thing that worries me more than anything else is our customers' cash flows," he said. "Even our very largest customers are having to borrow" to sustain their spending, he said.

If oil prices do not see a "fairly substantial improvement" at the end of the year, the company's customers are at risk of delaying projects, he said. However, if prices remain high through 2009, he said, it's likely that Schlumberger's customers will "gain some confidence" to build up activity sometime in 2010.


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