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Schlumberger announces 4th Q results
Posted: 26 January 2005
Schlumberger Limited reported 2004 operating revenue of $11.48 billion versus $10.02 billion in 2003.
Income from continuing operations, before credits and charges, of $1.21 billion was 45% higher than last year, representing diluted earnings per share of $2.03 versus $1.43 in 2003. Income from continuing operations was $1.01 billion ($1.70 per share-diluted) compared to $398 million ($0.68 per share) last year. Net income of $1.22 billion more than tripled over the prior year with diluted earnings per share rising to $2.04 in 2004 from $0.65 in 2003.
Fourth Quarter Results
Fourth quarter operating revenue of $3.07 billion was 6% above the prior quarter and 17% higher than the fourth quarter of 2003. Income from continuing operations was $351 million, or $0.59 per share-diluted versus $0.50 in the third quarter of 2004 and $0.31 in the fourth quarter of last year. Excluding credits and charges, diluted-earnings per share were $0.52 in the third quarter of 2004 and $0.41 in the fourth quarter of 2003.
Discontinued operations recorded a loss of $22 million ($0.04 per share) in the quarter. Net income was $330 million, or $0.55 per share-diluted, compared to net income of $177 million, or $0.30 per share-diluted last year.
Oilfield Services revenue of $2.73 billion increased 5% sequentially and 18% compared to the same quarter of last year. Pretax business segment operating income of $483 million increased 10% sequentially and 15% year-on-year.
WesternGeco revenue of $333 million increased 11% sequentially and 8% year-on-year. Pretax business segment operating income of $43 million improved $10 million sequentially and $11 million compared to the same quarter of last year.
Schlumberger Chairman and CEO Andrew Gould commented, "Strong fourth-quarter activity resulted in new record levels of Oilfield Services revenue and pretax operating income. Activity increased in almost all regions with the largest year-on-year growth recorded in the GeoMarkets in India; Malaysia, Brunei and the Philippines; Canada; East Africa and the Eastern Mediterranean; and Arabia. On a yearly basis, Russia continued to make impressive progress with growth exceeding our expectations despite the absence of any activity for Yuganskneftegas in the quarter.
"Pricing increases in North America accelerated during the quarter, particularly in Canada and US Land. In addition, contract awards and renewals in the Eastern Hemisphere were generally executed at improved pricing levels.
"The introduction and market penetration of new technology also contributed to the growth. The Drilling & Measurements PowerDrive family, together with Wireline Analysis Behind Casing and PressureXpress services and Well Services stimulation technologies, all made very satisfactory progress. The rate of new technology introductions will accelerate over the coming two-year period.
"WesternGeco delivered excellent results driven by further uptake of Q-Technology and increased multiclient library sales. The marine seismic market began to tighten with vessel utilization rising and pricing increasing.
"The industry is now clearly focused on the need to build additional supply capacity for both oil and gas. This is evidenced by increasing exploration budgets and new field development plans, as well as unprecedented efforts to increase production and recovery from existing reservoirs. Strong market fundamentals, our extensive technology portfolio and unique global workforce make us ideally placed to grow in this environment. "We are pleased to announce that the Board of Directors approved a 12% increase in the quarterly dividend."
Other Events:
- The increased quarterly dividend of $0.21 is payable on April 8, 2005 , to stockholders of record on March 2, 2005 .
- As part of the 15 million-share buy-back program, Schlumberger repurchased 5.15 million shares at an average price of $62.20, including fees, for a total amount of $320 million in 2004.
- Schlumberger has launched a $1.5 million fund available for GeoMarkets located in the areas affected by the Asian tsunami. The Schlumberger Foundation will add $500,000 to this fund. The GeoMarkets will be able to access this fund to leverage their own local efforts in selected relief and reconstruction aid projects. Schlumberger will also support company employees who wish to devote their personal time to relief efforts. In addition, as a technology leader in the field of geophysical measurement, Schlumberger is committed to contribute expertise and technical knowledge to help research warning systems in this field.
Posted by Editor Pipeline Magazine
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