REG-Schlumberger Limited Schlumberger Announces Full-Year and Fourth-Quarter 2015 Results <Origin Href="QuoteRef">SLB.N</Origin> - Part 3

Schlumberger NVAnnouncement

01/04/2016 13:17

- Part 3: For the preceding part double click  ID:nBw8fHt6Fb 

recoverable and also took certain decisions that resulted in the following impairment and restructuring charges during the fourth quarter of 2015:                                                                                                           
 
 
         --                                                                     $776 million of fixed asset impairments primarily relating to underutilized pressure pumping and other equipment in North America, as well as certain lower-tier drilling rigs.                                                                                                                        
         --                                                                     $269 million to write-down the carrying value of certain inventory, primarily in North America.                                                                                                                                                                                                        
         --                                                                     $182 million to reduce the carrying value of the remaining investment in an SPM project in Colombia, as a result of the recent decline in commodity prices. Considering also that the project is approaching the end of its contractual term and its revenue stream is directly linked to oil prices.  
         --                                                                     $177 million associated with facilities, including the expected sale of certain properties and the termination of certain leases.                                                                                                                                                                      
         --                                                                     $77 million relating to assets that are no longer recoverable as a result of geopolitical issues in certain countries in the Middle East.                                                                                                                                                              
         --                                                                     $41 million relating to contract termination costs.                                                                                                                                                                                                                                                    
         --                                                                     $84 million of other charges associated with the current market conditions, including $40 million relating to an other-than-temporary impairment of marketable securities and $15 million relating to the impairment of an equity-method investment.                                                   
         Schlumberger does not expect to incur any significant cash expenditures as a result of these asset impairment and restructuring charges.                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                       
 
 
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 more than 95,000 people representing over 140
nationalities and working in more than 85 countries, Schlumberger provides the
industry`s widest range of products and services from exploration through
production. 

Schlumberger Limited has principal offices in Paris, Houston, London and The
Hague, and reported revenues of $35.47 billion in 2015. For more information,
visit www.slb.com. 

*Mark of Schlumberger or of Schlumberger companies. 

†Japan Oil, Gas and Metals National Corporation (JOGMEC), formerly Japan
National Oil Corporation (JNOC), and Schlumberger collaborated on a research
project to develop LWD technology. The EcoScope and NeoScope services use
technology that resulted from this collaboration. 

Notes

Schlumberger will hold a conference call to discuss the above announcement and
business outlook on Friday, January 22, 2016. The call is scheduled to begin at
8:00 a.m. (US Central Time), 9:00 a.m. (Eastern Time), 3:00 p.m. (Paris time).
To access the call, which is open to the public, please contact the conference
call operator at +1 (800) 230-1059 within North America, or +1 (612) 234-9959
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 until
February 21, 2016 by dialing +1 (800) 475-6701 within North America, or +1 (320)
365-3844 outside of North America, and providing the access code 373076. 

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 until March 31, 2016. 

This full-year and fourth-quarter 2015 earnings release and Supplemental
Information, as well as 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; the integration of Cameron into our
business; the anticipated benefits of the Cameron transaction; the success of
Schlumberger`s joint ventures and alliances; 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 modifications, delays or
cancellations; 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; the risk that the contemplated Cameron merger
will not occur, negative effects from the pendency of the contemplated Cameron
merger, the inability after the closing of the Cameron merger to successfully
integrate the merged businesses and to realize expected synergies, the inability
to retain key employees; expenses for the merger; and other risks and
uncertainties detailed in this full-year and fourth-quarter 2015 earnings
release and Supplemental Information and our most recent Forms 10-K, 10-Q, and
8-K filed with or furnished to the Securities and Exchange Commission. If one or
more of these or other risks or uncertainties materialize (or the consequences
of any such 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. 

Schlumberger Limited
Simon Farrant - Schlumberger Limited, Vice President of Investor Relations
Joy V. Domingo - Schlumberger Limited, Manager of Investor Relations
Office +1 (713) 375-3535
investor-relations@slb.com 
 
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