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Schlumberger Announces Full-Year and Fourth-Quarter 2018 Results

Schlumberger Limited (NYSE: SLB) today reported results for full-year
2018 and the fourth quarter of 2018.














































































(Stated in millions, except per share amounts)








Full-Year Results


















Twelve Months Ended












Change


























Dec. 31, 2018












Dec. 31, 2017












Year-on-year








Revenue


















$32,815












$30,440












8%








Pretax operating income


















$4,187












$3,921












7%








Pretax operating margin


















12.8%












12.9%












-12 bps








Net income (loss) - GAAP basis


















$2,138












$(1,505)












n/m








Net income, excluding charges & credits*


















$2,261












$2,085












8%








Diluted EPS (loss per share) - GAAP basis


















$1.53












$(1.08)












n/m








Diluted EPS, excluding charges and credits*


















$1.62












$1.50












8%



























































Full-Year Consolidated Revenue by Area





































































































North America


















$11,984












$9,487












26%








Latin America


















3,745












3,976












-6%








Europe/CIS/Africa


















7,158












7,072












1%








Middle East & Asia


















9,543












9,394












2%








Other


















385












511












n/m


























$32,815












$30,440












8%



























































North America revenue


















$11,984












$9,487












26%








International revenue


















$20,446












$20,442












-



























































North America revenue, excluding Cameron


















$9,668












$7,518












29%








International revenue, excluding Cameron


















$17,675












$17,423












1%



























































*These are non-GAAP financial measures. See section titled "Charges
& Credits" for details.








n/m = not meaningful
















































Schlumberger Chairman and CEO Paal Kibsgaard commented, "Full-year 2018
revenue of $32.8 billion increased 8% year-on-year and grew for the
second successive year. Performance was driven by North America where
revenue of $12.0 billion increased 26% due to the results of our OneStim
business, which grew by 41%. Full-year international revenue of $20.4
billion was essentially flat compared with 2017. However, excluding
Cameron, international revenue for the second half of 2018 showed
year-over-year growth of 3%, marking the beginning of a positive
activity trend after three consecutive years of declining revenues.


"Production revenue of $12.4 billion increased 17%, while Drilling
revenue of $9.3 billion improved 10%. Reservoir Characterization revenue
of $6.5 billion declined 4%, mostly driven by the divestiture of the
WesternGecomarine seismic acquisition business. Cameron
revenue of $5.2 billion declined 1% as a further decline in the
long-cycle businesses of OneSubsea and Drilling Systems was
largely offset by growth in Surface Systems and Valves & Measurement.
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