Exhibit 99.2
First-Quarter 2013 Results—Supplemental Information
| 1) | What were multiclient sales in the first quarter of 2013? |
Multiclient sales, including transfer fees, were $175 million in the first quarter of 2013.
| 2) | What was the WesternGeco backlog at the end of the first quarter of 2013? |
WesternGeco backlog, which is based on signed contracts with customers, was $1.09 billion at the end of the first quarter of 2013.
| 3) | What were the Schlumberger pretax and after-tax returns-on-sales from continuing operations for the first quarter of 2013, excluding charges and credits? |
The Schlumberger pretax return on sales from continuing operations, excluding charges and credits, was 16.6% for the first quarter of 2013 and 17.0% for the fourth quarter of 2012.
The Schlumberger after-tax return on sales from continuing operations, excluding charges and credits, was 12.7% for the first quarter of 2013 versus 12.9% for the fourth quarter of 2012.
| 4) | What was the Schlumberger Net Debt† at the end of the first quarter of 2013? |
Net debt was $5.3 billion at March 31, 2013—a $162 million increase as compared to the end of the previous quarter.
Liquidity during the quarter was used primarily for capital expenditures of $894 million and working capital usage of $0.9 billion.
†Net Debtrepresents gross debt less cash, short-term investments and fixed income investments, held to maturity.
| 5) | What was included in “Interest and other income, net” for the first quarter of 2013? |
“Interest and other income, net” for the first quarter of 2013 consisted of the following:
| | | | |
| | | ($ millions) | |
Equity in net earnings of affiliated companies | | $ | 27 | |
Interest Income | | | 6 | |
| | | | |
| | $ | 33 | |
Exhibit 99.2
| 6) | How did interest income and interest expense change during the first quarter of 2013? |
Interest income of $6 million increased $1 million sequentially. Interest expense of $98 million increased $5 million sequentially.
| 7) | Why was there a difference between the consolidated Schlumberger pretax income and the total pretax income of Oilfield Services? |
The difference consisted of such items as corporate expenses and interest income and interest expense not allocated to the segments, as well as interest on postretirement medical benefits, stock-based compensation expense and the amortization expense associated with intangible assets recorded in connection with the Smith acquisition.
| 8) | What was the effective tax rate (ETR), excluding charges and credits, for the first quarter of 2013? |
The ETR for the first quarter of 2013 was 23.3% and in the prior quarter was 23.8%, excluding charges and credits in both periods.
| 9) | What is the capex guidance for the full year 2013? |
Schlumberger capex is expected to be $3.9 billion for 2013.
Exhibit 99.2
Non-GAAP Financial Measures
In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this document 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:
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| | | (Stated in millions except per share amounts) |
| | | First Quarter 2013 |
| | | Pretax | | | Tax | | | Noncont.
Interest | | | Net | | | Diluted
EPS |
Schlumberger income from continuing operations, as reported | | $ | 1,679 | | | $ | 412 | | | $ | 8 | | | $ | 1,259 | | | $0.94 |
Currency devaluation loss in Venezuela | | | 92 | | | | — | | | | — | | | | 92 | | | 0.07 |
| | | | | | | | | | | | | | | | | | |
Schlumberger income from continuing operations, excluding charges & credits | | $ | 1,771 | | | $ | 412 | | | $ | 8 | | | $ | 1,351 | | | $1.01 |
| | | | | | | | | | | | | | | | | | |
| |
| | | Fourth Quarter 2012 |
| | | Pretax | | | Tax | | | Noncont.
Interest | | | Net | | | Diluted
EPS |
Schlumberger income from continuing operations, as reported | | $ | 1,807 | | | $ | 436 | | | $ | 9 | | | $ | 1,362 | | | $1.02 |
Merger and integration costs | | | 60 | | | | 10 | | | | — | | | | 50 | | | 0.04 |
Workforce reduction | | | 33 | | | | 6 | | | | — | | | | 27 | | | 0.02 |
| | | | | | | | | | | | | | | | | | |
Schlumberger income from continuing operations, excluding charges & credits | | $ | 1,900 | | | $ | 452 | | | $ | 9 | | | $ | 1,439 | | | $1.08 |
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| | | | | | | | | | | | | | |
| | | First Quarter 2013 | | | Fourth Quarter 2012 |
| | | GAAP | | | Excluding
Charges | | | GAAP | | | Excluding
Charges |
Pretax return on sales | | | 15.7 | % | | | 16.6 | % | | | 16.2 | % | | 17.0% |
After tax return on sales | | | 11.8 | % | | | 12.7 | % | | | 12.2 | % | | 12.9% |
Effective tax rate | | | 24.5 | % | | | 23.3 | % | | | 24.1 | % | | 23.8% |
Exhibit 99.2
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This document, the first-quarter 2013 earnings release and other statements we make contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; pricing erosion; weather and seasonal factors; operational delays; production declines; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; and other risks and uncertainties detailed in our first-quarter 2013 earnings release, our most recent Form 10-K and other filings that we make with the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
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