Exhibit 99.2
Second-Quarter 2013 Results — Supplemental Information
| 1) | What were multiclient sales in the second quarter of 2013? |
Multiclient sales, including transfer fees, were $250 million in the second quarter of 2013.
| 2) | What was the WesternGeco backlog at the end of the second quarter of 2013? |
WesternGeco backlog, which is based on signed contracts with customers, was $1.14 billion at the end of the second quarter of 2013.
| 3) | What were the Schlumberger pretax and after-tax returns-on-sales from continuing operations for the second quarter of 2013, excluding charges and credits? |
The Schlumberger pretax return on sales from continuing operations, excluding charges and credits, was 18.0% for the second quarter of 2013 and 16.2% for the first quarter of 2013.
The Schlumberger after-tax return on sales from continuing operations, excluding charges and credits, was 13.7% for the second quarter of 2013 versus 12.3% for the first quarter of 2013.
| 4) | What was the Schlumberger Net Debt† at the end of the second quarter of 2013? |
Net debt was $5.6 billion at June 30, 2013—a $341 million increase as compared to the end of the previous quarter.
Liquidity during the quarter was used primarily for capital expenditures of $906 million and a $600 million payment made to Cameron International relating to the formation of the OneSubsea joint venture.
†Net Debt represents gross debt less cash, short-term investments and fixed income investments, held to maturity.
| 5) | What was included in “Interest and other income, net” for the second quarter of 2013? |
“Interest and other income, net” for the second quarter of 2013 consisted of the following:
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| | | ($ millions) | |
Equity in net earnings of affiliated companies | | $ | 24 | |
Interest Income | | | 6 | |
| | | | |
| | $ | 30 | |
| 6) | How did interest income and interest expense change during the second quarter of 2013? |
Interest income of $6 million was flat sequentially. Interest expense of $98 million decreased $1 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 second quarter of 2013? |
The ETR for the second 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.
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) | |
| | | Second Quarter 2013 | |
| | | Pretax | | | Tax | | | Noncont.
Interest | | | Net | | | Diluted
EPS | |
Schlumberger income from continuing operations, as reported | | $ | 2,673 | | | $ | 449 | | | $ | 5 | | | $ | 2,219 | | | $ | 1.66 | |
Gain on formation of OneSubsea joint venture | | | (1,028 | ) | | | — | | | | — | | | | (1,028 | ) | | | (0.77 | ) |
Impairment of equity method investments(1) | | | 364 | | | | 19 | | | | — | | | | 345 | | | | 0.26 | |
| | | | | | | | | | | | | | | | | | | | |
Schlumberger income from continuing operations, excluding charges & credits | | $ | 2,009 | | | $ | 468 | | | $ | 5 | | | $ | 1,536 | | | $ | 1.15 | |
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| |
| | | First Quarter 2013 | |
| | | Pretax | | | Tax | | | Noncont.
Interest | | | Net | | | Diluted
EPS | |
Schlumberger income from continuing operations, as reported | | $ | 1,618 | | | $ | 406 | | | $ | 9 | | | $ | 1,203 | | | $ | 0.90 | |
Currency devaluation loss in Venezuela | | | 92 | | | | — | | | | — | | | | 92 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | |
Schlumberger income from continuing operations, excluding charges & credits | | $ | 1,710 | | | $ | 406 | | | $ | 9 | | | $ | 1,295 | | | $ | 0.97 | |
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| | | Second Quarter 2013 | | | First Quarter 2013 | |
| | | GAAP | | | Excluding
Charges | | | GAAP | | | Excluding
Charges | |
Pretax return on sales | | | 23.9 | % | | | 18.0 | % | | | 15.3 | % | | | 16.2 | % |
After tax return on sales | | | 19.8 | % | | | 13.7 | % | | | 11.4 | % | | | 12.3 | % |
Effective tax rate | | | 16.8 | % | | | 23.3 | % | | | 25.1 | % | | | 23.8 | % |
| (1) | Relates to the impairment of two drilling-related equity investments. |
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This document, the second-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; Schlumberger’s share repurchase program; 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 second-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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