Schlumberger Announces Second Quarter 2004 Results.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Schlumberger Schlumberger Limited is the world's largest oilfield services corporation operating in approximately 80 countries, with about 70,000 people of 140 nationalities. Schlumberger supplies a wide range of products and services from seismic acquisition and processing; formation Limited (NYSE NYSE See: New York Stock Exchange :SLB SLB Solomon Islands (ISO Country code) SLB Schlumberger Ltd. (oil field services firm) SLB Server Load Balancing SLB Sport Lisboa e Benfica (soccer) ) today reported second quarter 2004 operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $2.86 billion versus $2.54 billion in the second quarter of 2003 and $2.69 billion in the first quarter of 2004. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before charges was $288 million, or $0.48 per share-diluted versus $0.39 in the second quarter of last year and $0.43 in the first quarter of 2004. Including after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of $34 million, income from continuing operations was $255 million, or $0.43 per share compared to $146 million, or $0.25 per share, last year. Discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. recorded a gain of $101 million ($0.16 per share) in the quarter, resulting in net income of $356 million, or $0.59 per share-diluted. This compares to a net income of $112 million, or $0.19 per share-diluted, in the second quarter of 2003. Oilfield Services revenue of $2.54 billion increased 8% compared to the first quarter, and 15% compared to the same quarter of last year. Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern segment operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $454 million increased 7% sequentially and 15% year-on-year. WesternGeco revenue of $292 million decreased 7% sequentially and 5% year-on-year. Pretax segment operating income of $15 million declined $19 million sequentially but improved $31 million compared to the same quarter of last year. On July 22, the Board of Directors of Schlumberger approved a share buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program of up to 15 million shares to be acquired in the open market before December 2006, subject to market conditions. Schlumberger Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Andrew Gould Andrew Gould (December 17, 1946) is chairman and chief executive officer of Schlumberger Limited, a global oilfield services company supplying technology, information solutions and integrated project management. commented, "Second quarter activity remained strong across a wide range of GeoMarkets and technologies. Continued growth in Russia and the Caspian, and strong performance across Asia and the Middle East, were both very encouraging. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. pricing moved up satisfactorily in the quarter. WesternGeco continued to show significant improvement in backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. for both Q technology and conventional activity. The growing realization that at current levels of demand very little spare oil production capacity exists will ensure continued strong growth over the coming quarters." Note:
-- On April 30, Schlumberger Limited announced that its
subsidiaries, Schlumberger Investments Limited and
Schlumberger S.A., had sold their entire residual holdings in
Atos Origin, amounting to a total of 9.7 million ordinary
shares, at a price of EUR 48.50 per share, yielding $551
million. Schlumberger does not retain any ownership interest
in Atos Origin.
-- On May 18, Schlumberger B.V., a wholly-owned subsidiary of
Schlumberger Limited, placed 34,821,739 ordinary shares in its
smart card unit Axalto Holding N.V. through an IPO on the
Paris Stock Exchange. This placement represented 87% of the
total ordinary shares outstanding at a sale price of EUR 14.80
per share yielding total proceeds of $603 million. Following a
partial exercise of the over-allotment option, the
Schlumberger holding in Axalto currently represents 12.5% of
the company's share capital and is subject to a 6-month
lock-up period.
-- On May 27, Schlumberger completed the acquisition of a 26%
equity stake in PetroAlliance for $12 million in cash and $24
million in Schlumberger stock representing 422,000 shares.
-- On July 1, the sale of the Electricity Metering business to
Itron was completed for proceeds of $248 million in cash.
-- During the quarter Schlumberger Technology Corporation
purchased and retired $351 million nominal value of its 6.5%
2012 bonds. The charge associated with this transaction was
$23 million net of tax.
-- During the quarter, Schlumberger completed the sale of
Business Continuity Services activity. The proceeds amounted
to $233 million in cash.
-- Income from discontinued operations in the quarter of $101
million included:
-- The sale of the Business Continuity Services - $48 million
gain
-- The sale of Electricity Meters North America - $25 million
credit including a US tax valuation allowance release of
$49 million related to a tax loss carry-forward associated
with the sale of SchlumbergerSema
-- An adjustment to the gain on the sale of SchlumbergerSema
- $15 million credit
-- The sale of Axalto shares - $7 million loss
-- The operating results of the Axalto, Electricity Meters
North America and UK Messaging System businesses - $20
million income.
Consolidated Statement of Income (Unaudited)
(Stated in thousands except per share amounts)
Second Quarter Six Months
For Periods Ended ----------------------------------------------
June 30 2004 2003(6) 2004 2003(6)
----------------------------------------------------------------------
Revenue
Operating $2,856,315 $2,541,138 $5,551,248 $4,929,979
Interest and other
income (1) 25,060 39,088 47,954 68,746
----------------------------------------------------------------------
2,881,375 2,580,226 5,599,202 4,998,725
----------------------------------------------------------------------
Expenses
Cost of goods sold
and services (2) 2,250,532 2,001,364 4,389,198 3,916,685
Research &
engineering 125,381 106,065 237,953 213,046
Marketing 12,479 14,839 23,344 28,590
General 81,266 79,557 159,599 162,603
Debt extinguishment
costs (3) 37,412 81,473 114,894 81,473
Interest (4) 41,181 92,301 183,954 185,164
----------------------------------------------------------------------
2,548,251 2,375,599 5,108,942 4,587,561
----------------------------------------------------------------------
Income from continuing
operations before taxes
and minority interest 333,124 204,627 490,260 411,164
Taxes on income (2)
(3)(4) 76,363 62,746 126,811 126,059
----------------------------------------------------------------------
Income from continuing
operations before
minority interest 256,761 141,881 363,449 285,105
Minority interest (2,088) 3,835 (4,913) 8,433
----------------------------------------------------------------------
Income from Continuing
Operations 254,673 145,716 358,536 293,538
Income (Loss) from
Discontinued
Operations 100,934 (33,594) 217,357 (32,254)
----------------------------------------------------------------------
Net Income $355,607 $112,122 $575,893 $261,284
----------------------------------------------------------------------
Diluted Earnings
(Loss) Per Share :
Income from
Continuing
Operations $0.43 $0.25 $0.61 $0.50
Income (Loss) from
Discontinued
Operations 0.16 (0.06) 0.35 (0.05)
----------- ----------- ----------- -----------
Net Income $0.59 $0.19 $0.96 $0.45
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Average shares
outstanding 589,883 582,475 588,810 582,342
Average shares
outstanding assuming
dilution 613,380 589,024 612,620 586,502
Depreciation &
Amortization included
in expenses(5) $323,683 $356,707 $652,447 $681,163
----------------------------------------------------------------------
1) Includes interest income of:
-- Second quarter 2004 - $11 million (2003 - $13 million).
-- Six months 2004 - $25 million (2003 - $28 million).
The first quarter of 2004 includes a $14 million ($0.02 per
share) loss on the sale of Atos Origin shares.
The second quarter of 2004 includes a $7 million ($0.01 per
share) loss on the sale of Atos Origin shares.
2) The first quarter of 2004 includes a $14 million ($0.02 per
share) charge (pretax $20 million and tax benefit of $6
million) related to the restructuring program in the United
States.
The second quarter of 2004 includes an idle leased facility
reserve of $11 million ($0.02 per share), a reorganization
reserve of $4 million ($0.01 per share) and a litigation
reserve release of $5 million ($0.01 per share).
3) The second quarter of 2003 includes $81 million related to the
repurchase of Euro denominated Bonds ($0.14 per share). The
first quarter of 2004 includes $77 million related to the
repurchase of UK Pound and Euro denominated Bonds ($0.13 per
share). The second quarter of 2004 includes $23 million ($0.04
per share) related to the repurchase of US Dollar denominated
Bonds (pretax $37 million and tax benefit of $14 million).
4) The first quarter of 2004 includes $46 million ($0.08 per
share) write off of the US Interest Rate Swap (pretax $73
million and tax benefit of $27 million). The second quarter of
2004 includes a gain of $6 million ($0.01 per share) on the
settlement of the US Interest Rate Swap (pretax $10 million
and tax of $3 million).
5) Including multiclient seismic data costs.
6) Restated for discontinued operations.
Condensed Balance Sheet (Unaudited)
(Stated in
thousands)
Assets Jun. 30, 2004 Dec. 31, 2003
----------------------------------------------------------------------
Current Assets
Cash and short-term investments $2,559,101 $3,108,973
Assets held for sale(1) 287,691 3,237,841
Other current assets 4,352,992 4,022,307
----------------------------------------------------------------------
7,199,784 10,369,121
Fixed income investments, held to
maturity 112,231 223,300
Fixed assets 3,542,473 3,799,711
Multiclient seismic data 421,800 505,784
Goodwill 2,703,977 3,284,254
Other assets 1,868,759 1,859,155
----------------------------------------------------------------------
$15,849,024 $20,041,325
----------------------------------------------------------------------
Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Current Liabilities
Accounts payable and accrued
liabilities $3,250,741 $3,247,545
Estimated liability for taxes on
income 943,481 807,938
Bank loans and current portion of
long-term debt 691,528 1,411,168
Dividend payable 111,330 110,511
Liabilities held for sale(1) 30,532 1,217,568
----------------------------------------------------------------------
5,027,612 6,794,730
Long-term debt 3,747,249 6,097,418
Post retirement benefits 650,502 614,850
Other liabilities 155,387 254,708
----------------------------------------------------------------------
9,580,750 13,761,706
Minority interest 395,988 398,330
Stockholders' Equity 5,872,286 5,881,289
----------------------------------------------------------------------
$15,849,024 $20,041,325
----------------------------------------------------------------------
(1) Assets and liabilities held for sale represent:
-- At June 30, 2004, the gross assets and liabilities of the
Electricity Meters North America and UK Messaging System
businesses.
-- At December 31, 2003, the gross assets and liabilities of the
SchlumbergerSema business.
Net Debt (Unaudited)
Net debt represents gross debt less cash, short-term investments and
fixed income investments, held to maturity. Details of the net debt
follow:
(Stated in millions)
Six Months 2004
-------------------------------------------------------
Net debt, beginning of period $(4,176)
Net income from continuing operations 359
Charges 186
Depreciation and amortization 652
Increase in working capital requirements (453)
Capital expenditures (496)
Dividends paid (220)
Proceeds from employee stock plans 124
Proceeds from the sale of the
SchlumbergerSema business 555
Proceeds from the sale of the Telecom
Billing Software business 37
Proceeds from the sale of the Infodata
business 104
Proceeds from the sale of the Business
Continuity business 233
Proceeds from the sale of the Axalto
shares 606
Proceeds from the sale of Atos Origin
shares 1,165
Debt extinguishment costs (111)
Settlement of US interest rate swap (70)
Investment in PetroAlliance (12)
Other (269)
Translation effect on net debt 19
--------
Net debt, end of period $(1,767)
--------
--------
(Stated in
millions)
Components of Net debt Jun. 30, Dec. 31,
2004 2003
----------------------------------------------------------------------
Cash and short-term investments $2,559 $3,109
Fixed income investments, held to maturity 112 223
Bank loans and current portion of long-term
debt (691) (1,411)
Long-term debt (3,747) (6,097)
-------- --------
$(1,767) $(4,176)
-------- --------
-------- --------
Business Review (Unaudited)
(Stated in millions) Second Quarter Six Months
------------------------- ------------------------
2004(2) 2003(2)(4) % chg 2004(2) 2003(2)(4) % chg
-------- ---------- ----- ------- ---------- -----
Oilfield Services
-----------------
Operating Revenue $2,541 $2,203 15% $4,899 $4,254 15%
Pretax Operating
Income(1) $454 $394 15% $877 $717 22%
WesternGeco
-----------
Operating Revenue $292 $306 (5)% $605 $613 (1)%
Pretax Operating
Income(1) $15 $(16) - $48 $(16) -
Other(3)
--------
Operating Revenue $23 $29 (22)% $45 $58 (23)%
Pretax Operating
Income(1) $(3) $(2) - $(7) $(5) -
1) Pretax segment operating income represents income before taxes and
minority interest, excluding interest income, interest expense and
amortization of intangibles.
2) The second quarter of 2004 excludes a pretax loss of $7 million on
the sale of Atos Origin shares, a pretax idle leased facility
reserve of $11 million, a pretax reorganization reserve of $4
million, a pretax release of a litigation reserve of $5 million, a
pretax gain of $10 million for the settlement of the US Interest
Rate Swap and a pretax charge of $37 million of debt
extinguishment costs.
The first quarter of 2004 excludes a pretax charge of $73 million
for the US Interest Rate Swap write off, a pretax loss of $14 on
the sale of Atos Origin shares, a pretax charge of $77 million of
debt extinguishment costs and a pretax charge of $20 million
related to the restructuring program in the United States.
The second quarter 2003 excludes $81 million of debt
extinguishment costs.
3) Comprises the Global Tel Link, Payphones and Essentis businesses.
4) Restated for discontinued operations.
Oilfield Services Second quarter revenue of $2.54 billion was 8% higher sequentially and increased 15% year-on-year. Pretax operating income of $454 million increased 7% sequentially and rose 15% year-on-year. Sequential growth was strongest in the Malaysia, Russia, Caspian, Arabian Arabian having some relationship to Arabia, most conspicuously Arabian horses. Darley Arabian the original Arab sire, the founder of the thoroughbred breed, imported into England in 1704. and China GeoMarkets. Demand for all technology segments increased, but particularly for Drilling & Measurements technologies including the PowerDrive(a) and newly introduced PowerV(a) rotary steerable systems A rotary steerable system is a new form of drilling technology used in directional drilling. It employs the use of specialized downhole equipment to replace conventional directional tools such as mud motors. . The Well Services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of and Well Completions & Productivity technology segments also showed strong growth for production-based technologies while Integrated Project Management activity continued to grow. The highest year-on-year growth was experienced in the India, Caspian, Russia, Mexico and Malaysia GeoMarkets with growth reflected across all technology segments. Deepwater activity was particularly strong in India and Malaysia. Growth was strongest in Integrated Project Management from projects in the Gulf Coast, Mexico and Indonesia GeoMarkets. Among the other technology segments, Well Services, Drilling & Measurements and Well Completions & Productivity experienced the highest year-on-year growth. North America Revenue of $746 million increased 3% sequentially and 14% year-on-year. Pretax operating income of $120 million decreased 2% sequentially but increased 27% year-on-year. US Land provided robust revenue growth both sequentially and year-on-year primarily due to continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. oil and gas industry dynamics combined with increasing demand for ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. (a) Analysis Behind Casing technologies, FAT(a) Fiber Assisted Transport stimulation services, and Drilling & Measurements PowerDrive rotary steerable systems. These technology advances are demonstrating value and are helping drive activity while enabling price increases and efficiency gains. Recent contract awards in the U.S. should increase pricing further in the coming quarters. Despite weak E&P activity offshore, increasing demand for Integrated Project Management turnkey See turnkey system. well construction services led to both sequential and year-on-year revenue growth in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The small sequential decrease in operating income was due primarily to reduced activity in Canada following the spring break-up. Activity is expected to recover in the third quarter. This was partially offset by strong demand in the US Land GeoMarket, combined with healthy technology performance in Well Services and Drilling & Measurements that resulted in favorable operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. . The quarter saw strong demand for the newly launched PowerV rotary steerable system that automatically guides vertical wells and delivers reductions in planning time and rig cost. For Anadarko, the PowerV system returned a well to vertical in 400 feet and then held inclination inclination, in astronomy, the angle of intersection between two planes, one of which is an orbital plane. The inclination of the plane of the moon's orbit is 5°9' with respect to the plane of the ecliptic (the plane of the earth's orbit around the sun). to less than 1 degree for 1,441 ft to TD while improving rate of penetration; this allowed Anadarko to reduce overall drilling time by 2 days. Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Revenue of $426 million increased 8% sequentially and was 21% higher year-on-year. Pretax operating income of $63 million was 2% higher sequentially and increased 8% year-on-year. Increasing demand for Integrated Project Management in Argentina, sustained robust performance in Mexico, and growing demand for rotary steerable systems in Brazil were partially offset by lower activity in the Venezuela and Peru/Colombia/Ecuador GeoMarkets. In Venezuela, the rig count showed a sequential increase after two quarters of decline, following the award of several contracts by PDVSA PDVSA Petroleos De Venezuela, SA and the international oil companies. Contractual negotiations for the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of certain integrated project activities in West Venezuela are ongoing. Schlumberger Information Solutions Schlumberger Information Solutions (SIS) functions as an operating unit of the global oil services giant Schlumberger Limited. SIS products consist of software developed by Schlumberger itself, as well as products acquired from GeoQuest (GeoFrame), Iron Mountain (eSearch), Merak showed solid performance both sequentially and year-on-year with growth in software, infrastructure and real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. production solutions. Europe/CIS/West Africa Revenue of $704 million increased 9% sequentially and 7% year-on-year. Pretax operating income of $117 million increased 10% sequentially and declined 3% year-on-year. The Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. and Caspian GeoMarkets contributed the majority of the growth with respective revenue increases of 40% and 32% sequentially and 66% and 76% year-on-year. Demand was strong across all technology segments but particularly in Well Services and Well Completions & Productivity technologies. Work began under significant new contracts for Drilling & Measurements in Kazakhstan while Integrated Project Management began new operations for OAO OAO Orbiting Astronomical Observatory OAO Over and Out OAO One And Only OAO Ontario Association of Orthodontists OAO Owned and Operated OAO Ontario Association of Optometrists OAO Opticians Association of Ohio OAO Orthogonalized Atomic Orbital RITEK on ten horizontal wells in the Sredne-Khulymskoye field in Russia to enhance oil production. Major new contracts were awarded in the Caspian by BP for a variety of well construction and well evaluation services. West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. continued to deliver robust performance achieving record activity levels mainly due to the development of deepwater projects combined with price increases through the introduction of new services such as the OBMI(a) Oil-Base MicroImager tool, DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. (a) Dipole Shear shear: see strength of materials. Shear A straining action wherein applied forces produce a sliding or skewing type of deformation. Sonic Imager tool, Vx(a) multiphase Mul´ti`phase a. 1. (Elec.) Having many phases; Adj. 1. multiphase - of an electrical system that uses or generates two or more alternating voltages of the same frequency but differing in phase angle well testing technology and PowerDrive systems. Sequentially revenue fell slightly in the UK sector of the North Sea due to slow activity but was sharply lower in Nigeria due to operating difficulties in the Delta. Increased demand for Well Services production technologies contributed to the growth across the area. These technologies included the successful launch of the PowerCLEAN(a) system, an integrated solution for optimizing production through wellbore fill removal using coiled tubing Coiled tubing refers to metal piping, normally 1" to 2" in diameter, used for interventions in oil and gas wells, which comes spooled on a large drum. The main benefits over wireline are the ability to pump chemicals through the coil and the ability to push it into hole rather than , with multiple new contracts in Algeria and Russia. The strong sequential operating income improvement was mainly due to the revenue growth in Russia and the Caspian coupled with cost control initiatives in the North Sea. Year-on-year decline was due to lower activity in Nigeria and the North Sea that can only be expected to show modest improvement in the second half of the year. Currency movements against the US dollar continued to have an unfavorable impact. Middle East & Asia Revenue of $636 million rose 14% sequentially and 22% year-on-year. Pretax operating income of $161 million was up 16% sequentially and 20% year-on-year. Strong activity growth in the Arabian GeoMarket was driven by rig count increases due to higher production targets leading to high Drilling & Measurements activity and by additional Well Completions & Productivity equipment sales of multiphase meters. Also contributing to the record revenue level was the start of a new fracturing campaign in Oman, strong Wireline activity in Qatar, and expanded Drilling & Measurements and Wireline work for Murphy Oil Murphy Oil Corporation NYSE: MUR is a petroleum corporation. It is a S&P 500 company. In 2007, it was ranked as the 169th largest company in America on the Fortune 500. The current President & CEO is Claiborne Deming. in Malaysia. The strength of this performance was also due to a substantial increase in deepwater activity combined with strong technology deployment resulting in healthy growth in the India, Indonesia and Malaysia GeoMarkets. Demand was robust across all technology segments and included increased customer acceptance for a range of Well Services technologies and Wireline logging Wireline Logging consists of measuring and recording the physical properties of the rocks in oil wells. "Logging" consists of introducing sensors in a borehole via a "wireline", an electromechanical cable. services that included the successful introduction of the FSI FSI Foreign Service Institute FSI Fluid Structure Interaction FSI Fuel Stratified Injection FSI Federazione Scacchistica Italiana (Italian Chess Federation) FSI Free Standing Insert FSI Flight Simulator (a) FlowScan Imager tool that enables customers to optimize optimize - optimisation production through identifying oil entry points in horizontal wells. Schlumberger Information Solutions continued to grow the information management business with a new information management contract in Qatar together with continuing growth in India, Kuwait and Malaysia. Highlights --The PURE(a) Perforating for Ultimate Reservoir Exploitation technology, a method to deliver much higher flowrates in both producing and injector wells, continued rapid growth in many regions including Mexico, Venezuela, Ecuador, Thailand, Malaysia, Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , the North
Sea, Canada, and the US. In the Gulf of Thailand Noun 1. Gulf of Thailand - an arm of the South China Sea between Indochina and the Malay PeninsulaGulf of Siam South China Sea - a tropical arm of the Pacific Ocean near southeastern Asia subject to frequent typhoons , PURE technology more than doubled production in a number of cases. --Well Completions & Productivity extended their electrical submersible pump A submersible pump is a pump which has a hermetically sealed motor close-coupled to the pump body. The whole assembly is submerged in the fluid to be pumped. The advantage of this type of pump is that it can provide a significant lifting force as it does not rely on external air product offering with the introduction of the Poseidon(TM) slim-line multiphase gas-handling device and the HOTLINE 1. (company) Hotline - Hotline Communications Ltd.. 2. (messaging) Hotline - Hotline Connect. (a) II high-temperature electrical submersible pump. The Poseidon device improves production in fields with up to 75% free gas, and the HOTLINE II system operates at up to 500 degrees Fahrenheit Fahr·en·heit adj. Abbr. F Of or relating to a temperature scale that registers the freezing point of water as 32°F and the boiling point as 212°F at one atmosphere of pressure. for applications in steam-assisted heavy oil production. --PowerDrive rotary steerable systems continued to gain customer acceptance and passed the milestone of 10 million total feet drilled worldwide in June 2004, five years after their first introduction. Record drilling performances were set for CNOOC CNOOC China National Offshore Oil Corporation in the South China Sea as well as in Qatar, Canada and the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. for a number of operators. --Wireline Analysis Behind Casing technologies for complete cased-hole formation evaluation In petroleum exploration and development, formation evaluation is used to determine whether a potential oil or gas field is commercially viable. Essentially, it is the process of "recognizing a commercial well when you drill one". through accurate determination of porosity porosity /po·ros·i·ty/ (por-os´it-e) the condition of being porous; a pore. po·ros·i·ty n. 1. The state or property of being porous. 2. , lithology li·thol·o·gy n. 1. The gross physical character of a rock or rock formation. 2. The microscopic study, description, and classification of rock. , saturation saturation, of an organic compound saturation, of an organic compound, condition occurring when its molecules contain no double or triple bonds and thus cannot undergo addition reactions. and pressure continued to win industry acceptance with year-on-year growth over 50%. The ABC CHDT(a) Cased Hole Dynamic Tester service for formation fluid and pressure sampling saw successful introductions with excellent results in Japan, Australia, Mexico, the United Arab Emirates and Kazakhstan, and expanded its market in the US, Canada, the North Sea, Indonesia, China, Nigeria, and Malaysia. --Based on superior performance, FAT(a) Fiber Assisted Transport technology continued to demonstrate strong growth. This unique fiber-based technology that utilizes mechanical suspension to deliver enhanced stimulation was recently introduced in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. tight-gas market. --Schlumberger Information Solutions acquired Decision Team, an Austin-based company that developed the DECIDE!(a) industry-leading intelligent reservoir surveillance software application. DECIDE! software captures, analyzes, conditions and predictively transforms both real-time and historical production data into actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. operational decisions to drive production optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. . WesternGeco Second quarter revenue of $292 million was 7% lower sequentially and 5% lower compared to the same period of last year. Pretax operating income of $15 million decreased $19 million sequentially and improved by $31 million year-on-year. Sequentially, Multiclient sales decreased 38% from lower sales in North America following the high level of interest generated by the Central Gulf of Mexico lease sale in the previous quarter, and the higher sales that had resulted from a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. volume agreement signed in December 2003. Land declined 7% mainly due to delayed contract starts in Mexico, and the Middle East, partially offset by the start-up Start-up The earliest stage of a new business venture. of one additional crew in Sudan Sudan (s dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. . These declines were partially mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by rapid growth in Marine revenue in Europe reflecting the start of the North Sea season. During the last two weeks of the quarter, 100% utilization of the Q(a)-vessels was achieved. During the quarter, WesternGeco was awarded several Q contracts including a multi-year Q-Marine project with a national oil company, a Q-Marine contract by Shell Norway and a 6-month Q-Land contract by Saudi Aramco Saudi Aramco, the state-owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production. . Year-on-year revenue decline was mainly due to lower land activity following the shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down of several crews active in the previous year in Alaska, Mexico and West Africa although this decline was partially offset by improvements in Asia through higher activity in Malaysia. Multiclient sales declined 4% from lower sales in North America, Asia and Europe, partially mitigated by a higher level of activity in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Marine revenue increased reflecting the start of the North Sea season in Europe, higher proprietary activity in the Gulf of Mexico and the start of a Q-survey in Mexico, partially offset by lower activity in the Caspian. Year-on-year improvement in pretax operating income was mainly due to Multiclient driven by lower amortization costs, improvements in Europe following the start of the North Sea season, higher activity in the Brunei/Malaysia/Philippines GeoMarket and by significant savings related to restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). measures taken in the previous year. Sequentially, the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. was mainly due to lower Multiclient sales, partially offset by improvements in Marine activity due to higher vessel utilization. The WesternGeco backlog at the end of the second quarter reached $594 million, a 24% increase over the previous quarter, of which $560 million are committed for the next 12 months. About Schlumberger Schlumberger is the world's leading oilfield services company supplying technology, project management and information solutions that optimize performance for customers working in the oil and gas industry. The company employs more than 45,000 people of over 140 nationalities working in 100 countries, and comprises two business segments. Schlumberger supplies a wide range of products and services from formation evaluation through directional drilling Directional drilling (sometimes known as slant drilling outside the oil industry) is the science of drilling non-vertical wells. Directional drilling can be broken down into three main groups: Oilfield Directional Drilling, Utility Installation Directional Drilling (commonly , well cementing and stimulation, well completions and productivity to consulting, software, information management and IT infrastructure services that support core industry operational processes. WesternGeco, jointly owned with Baker Hughes Baker Hughes NYSE: BHI is the world's third-largest oilfield services company behind Schlumberger & Halliburton, its main competitors. Baker Hughes provides the world's oil & gas industry with products and services for drilling, formation evaluation, completion and production. , is the world's largest seismic company and provides advanced acquisition and data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a services. In 2003, Schlumberger operating revenue was $10.12 billion. For more information, visit www.slb.com (a) Mark of Schlumberger (TM) Trademark of Institut Francais du Petrole (IFP (1) (Intelligent Forms Processing) Using advanced techniques to scan documents and determine their data content. See ICR. (2) (Integer Factorization Problem) The difficulty of finding prime numbers in an encryption key. ), Total, and Statoil; technology licensed to Schlumberger Notes: --Schlumberger will hold a conference call to discuss the above announcement on Friday, July 23, 2004, at 9:00 am New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time (2:00 pm London time/3:00 pm Paris time). To access the call, which is open to the public, please contact the conference call operator at +1-888-428-4479 (toll-free) for North America, or +1-651-291-0561 from outside North America, approximately 15 minutes prior to the scheduled start time, and ask for the "Schlumberger Earnings Conference Call". A replay will be available through August 6, 2004 by dialing +1-800-475-6701 in North America, or +1-320-365-3844 outside North America, and providing the access code 737861. The conference call will also be simultaneously webcast at www.slb.com/irwebcast on a listen-only basis. Please log in 15 minutes ahead of time to test your browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used and register for the call. A replay of the webcast will also be available through August 6, 2004. --Supplemental information in the form of a question and answer document on this press release and financial schedules is available at www.slb.com/ir |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion