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OFFON

SCHLUMBERGER LIMITED

(SLB)
  Report
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SCHLUMBERGER LIMITED/NV Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)

10/27/2021 | 09:48am EST
This section of the Form 10-Q discusses third-quarter 2021 results of operations
and comparisons to second-quarter 2021, as well as the first nine months of 2021
results of operations and comparisons to the first nine months of 2020.
Detailed financial information with respect to second-quarter 2021 can be found
in Part I, Item 1, "Financial Statements" of Schlumberger's Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30, 2021.

               Third Quarter 2021 Compared to Second Quarter 2021



                                                                                           (Stated in millions)

                                                Third Quarter 2021                   Second Quarter 2021
                                                           Income Before                         Income Before
                                          Revenue              Taxes            Revenue              Taxes
Digital & Integration                    $      812       $           284     $       817       $           274
Reservoir Performance                         1,192                   190           1,117                   156
Well Construction                             2,273                   345           2,110                   272
Production Systems                            1,674                   166           1,681                   171
Eliminations & other                           (104 )                 (77 )           (91 )                 (66 )
                                                                      908                                   807
Corporate & other (1)                                                (145 )                                (138 )
Interest income (2)                                                     8                                     5
Interest expense (3)                                                 (127 )                                (132 )
Charges and credits (4)                                                47                                     -
                                         $    5,847       $           691     $     5,634       $           542



(1) Comprised principally of certain corporate expenses not allocated to the

segments, stock-based compensation costs, amortization expense associated

with certain intangible assets, certain centrally managed initiatives and

other nonoperating items.

(2) Interest income excludes amounts which are included in the segments' income

($- million in Q3 2021; $1 million in Q2 2021).

(3) Interest expense excludes amounts which are included in the segments' income

($3 million in Q3 2021; $4 million in Q2 2021).

(4) Charges and credits are described in detail in Note 2 to the Consolidated

Financial Statements.



Third-quarter revenue grew 4% sequentially led by Well Construction and
Reservoir Performance. The revenue growth in these Divisions more than offset
the impact of transitory global supply and logistics constraints in Production
Systems.

Geographically, international revenue of $4.68 billion grew 4% sequentially and
11% year-on-year and is on track to meet our double-digit revenue growth
ambition for the second half of 2021 compared to the same period last year. The
international sequential revenue increase was led by double-digit growth in
Latin America complemented by sustained activity in the Europe/CIS/Africa and
Middle East & Asia areas. In North America, revenue of $1.13 billion grew 4%
sequentially mainly driven by a strong seasonal rebound in land drilling, higher
Asset Performance Solutions ("APS") revenue in Canada, and an increase in
drilling revenue in North America offshore.

Among the Divisions, Well Construction continued its growth momentum, with
revenue increasing 8% sequentially due to higher international and North America
drilling activity both on land and offshore. Similarly, Reservoir Performance
revenue increased 7% sequentially from higher exploration and appraisal activity
across the international markets. Revenue from Digital & Integration and
Production Systems was essentially flat.

Sequentially, third-quarter pretax segment operating margin expanded by 120
basis points ("bps") to 16%, representing its highest level since 2015 and a
fifth consecutive quarter of margin expansion. This growth was driven by the
Well Construction and Reservoir Performance Divisions.

Looking ahead, the fourth quarter of 2021 is anticipated to be another quarter
of growth, and Schlumberger expects to close 2021 with strong momentum that will
set the foundation for an exceptional growth cycle.

                                       20

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The industry macro fundamentals have visibly strengthened this year,
particularly in recent weeks-with demand recovery, oil and gas commodity prices
at recent highs, low inventory levels, and encouraging trends in pandemic
containment efforts. Absent a recession or pandemic-related setback, these
favorable conditions are expected to materially drive investment over the next
few years- particularly internationally-and result in exceptional multiyear
capital spending growth globally, both on land and offshore.

Digital & Integration

Digital & Integration revenue of $812 million declined 1% sequentially as higher APS project revenue was offset by lower digital solutions revenue following strong software sales in the second quarter. Revenue grew in North America, Latin America, and Middle East & Asia, offset by lower revenue in Europe/CIS/Africa.

Digital & Integration pretax operating margin of 35% expanded 154 bps sequentially, primarily due to increased profitability from APS projects.

Reservoir Performance

Reservoir Performance revenue of $1.19 billion increased 7% sequentially due to higher exploration and appraisal programs across the international markets.

Reservoir Performance pretax operating margin of 16% expanded 202 bps sequentially. Profitability was boosted by higher offshore and exploration activity and a favorable technology mix, particularly in Latin America and Africa.

Well Construction


Well Construction revenue of $2.27 billion increased 8% sequentially due to
higher land and offshore drilling across the international markets and increased
rig activity in North America. North America revenue growth was driven by strong
seasonal rebound on land drilling in Canada and higher offshore drilling in the
Gulf of Mexico, notwithstanding the hurricane effects during the quarter.
International revenue was driven by double-digit growth in Latin America,
Africa, and Russia & Central Asia from the combination of increased offshore
exploration activity and the peak of summer land drilling campaigns.

Well Construction pretax operating margin of 15% improved sequentially by 230
bps due to higher drilling revenue, boosted by the favorable mix of activity and
new technology.

Production Systems

Production Systems revenue of $1.67 billion was essentially flat sequentially,
as revenue increases in subsea and well production systems were offset by a
revenue decline in midstream production systems. Revenue was partially impacted
by transitory global supply and logistics constraints.

Production Systems pretax operating margin of 10% was essentially flat sequentially.















                                       21
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                 Nine Months 2021 Compared to Nine Months 2020



                                                            (Stated in millions)

                            Nine Months 2021              Nine Months 2020
                                        Income                    Income (Loss)
                                        Before                       Before
                           Revenue       Taxes      Revenue           Taxes
Digital & Integration     $   2,401$   805$  2,235     $           458
Reservoir Performance         3,312         448        4,354                 259
Well Construction             6,319         827        6,747                 687
Production Systems            4,946         475        5,001                 467
Eliminations & other           (274 )      (176 )       (268 )              (124 )
                                          2,379                            1,747
Corporate & other (1)                      (434 )                           (548 )
Interest income (2)                          17                               25
Interest expense (3)                       (391 )                           (397 )
Charges and credits (4)                      47                          (12,596 )
                          $  16,704$ 1,618$ 18,069$       (11,769 )

(1) Comprised principally of certain corporate expenses not allocated to the

segments, stock-based compensation costs, amortization expense associated

with certain intangible assets, certain centrally managed initiatives and

other nonoperating items.

(2) Interest income excludes amounts which are included in the segments' income

($1 million in 2021; $1 million in 2020).

(3) Interest expense excludes amounts which are included in the segments' income

($11 million in 2021; $22 million in 2020).

(4) Charges and credits are described in detail in Note 2 to the Consolidated

    Financial Statements.




Nine-month 2021 revenue of $16.7 billion decreased 8% year-on-year. Revenue
declined particularly in North America, following the divestitures of the
OneStim® pressure pumping business and the low-flow artificial lift business
during the fourth quarter 2020. These divestitures were consistent with
Schlumberger's strategy to focus on high-grading and rationalizing its business
portfolio to expand margins, minimize earnings volatility, and focus on more
capital efficient businesses. Excluding the impact of these divestitures, which
generated $1.1 billion of revenue (all of which was in North America) during the
first nine months of 2020, global revenue declined 2% year-on-year, reflecting
the significant fall in activity following the historic demand destruction
driven by the COVID-19 pandemic that commenced in early 2020.

In North America revenue declined 26% year-on-year; however, excluding the impact of the previously described divestitures, nine-month revenue only declined 2%. International revenue also declined 2% driven by significant activity decreases in Europe/CIS/Africa and the Middle East & Asia, partially offset by an increase in revenue in Latin America.


Nine-month 2021 pretax operating margin of 14% was 458 bps higher compared to
the same period last year despite the 8% decline in revenue, due to the
divestiture of certain businesses in North America, which were previously
dilutive to margins, combined with reduced depreciation and amortization expense
following the asset impairment charges recorded during 2020 and the effects of
cost reduction measures.

Digital & Integration

Nine-month 2021 revenue of $2.4 billion increased 7% year-on-year, primarily
driven by higher APS project revenue from higher production and improved oil
prices, as well as the absence of production interruptions in the APS projects
in Ecuador that were caused by a major land slide in the second quarter of 2020.

Year-on-year, pretax operating margin increased 13 percentage points to
34%. Operating margin increased due to improved profitability from APS projects
as a result of higher oil prices and reduced amortization following the asset
impairment charges that were recorded during the first nine months of 2020
relating to certain APS investments in North America and Latin America.



                                       22

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Reservoir Performance

Nine-month 2021 revenue of $3.3 billion decreased 24% year-on-year largely
reflecting the effects of the OneStim divestiture, which generated $959 million
of revenue during the first nine months of 2020. Excluding the impact of the
OneStim divestiture, revenue declined 2% year-on-year, largely due to the
effects of the pandemic.

Year-on-year, pretax operating margin increased by 760 bps to 14% despite the
significant drop in revenue, primarily due to the divestiture of the OneStim
business, which was previously dilutive to margins.

Well Construction


Nine-month 2021 revenue of $6.3 billion decreased 6% year-on-year due to the
drop in rig count in North America and internationally due to the effects of the
pandemic.

Year-on-year, pretax operating margin increased 291 bps to 13% despite the drop
in revenue. Margin expanded largely as a result of the implementation of cost
control measures.

Production Systems

Nine-month 2021 revenue of $4.9 billion decreased 1% year-on-year, primarily
driven by the North America short-cycle business due to the significant decline
in completions activity as a result of the pandemic.

Year-on-year, pretax operating margin increased 25 bps to 10% due to improved profitability in surface and midstream production systems.

Interest and Other Income

Interest & other income consisted of the following:



                                                                               (Stated in millions)

                                            Third          Second
                                           Quarter         Quarter              Nine Months
                                            2021            2021            2021            2020

Earnings of equity method investments $ 1 $ 10 $

      26      $       66
Interest income                                    8               6             18              28
Unrealized gain on marketable securities
(see Note 2)                                      47               -             47               -
                                         $        56$        16$       91$       94




The decrease in earnings of equity method investments is primarily attributable
to Schlumberger's share of net losses associated with Schlumberger's equity
investment in Liberty Oilfield Services, Inc. ("Liberty").  On December 31,
2020, Schlumberger contributed its onshore hydraulic fracturing business in the
United States and Canada to Liberty in exchange for a 37% equity interest in
Liberty.  Schlumberger records its share of Liberty's net income or loss on a
one-quarter lag.

Other

Research & engineering and General & administrative expenses, as a percentage of
Revenue, for the third quarter and second quarter of 2021 and nine months ended
September 30, 2021 and 2020 were as follows:



                           Third        Second
                          Quarter      Quarter        Nine Months
                           2021          2021        2021      2020
Research & engineering         2.4 %        2.4 %      2.4 %     2.5 %
General & administrative       1.4 %        1.2 %      1.4 %     1.6 %



The effective tax rate for the third quarter of 2021 was 19%, as compared to 18% for the second quarter of 2021.

                                       23

--------------------------------------------------------------------------------


The effective tax rate for the first nine months of 2021 was 19%, as compared to
8% for the same period of 2020. The increase in the effective tax rate was
primarily due to the charges and credits described in Note 2 to the Consolidated
Financial Statements. These charges and credits reduced the effective tax rate
for the first nine months of 2020 by 11 percentage points as a significant
portion of these charges were not tax-effective.

Charges and Credits


During the third quarter of 2021, a start-up company that Schlumberger
previously invested in was acquired. As a result of this transaction,
Schlumberger's ownership interest was converted into shares of a publicly traded
company. Schlumberger recognized an unrealized pretax gain of $47 million ($36
million after-tax) to increase the carrying value of this investment to its
estimated fair value of approximately $55 million. This unrealized gain is
reflected in Interest & other income in the Consolidated Statement of Income
(Loss).

During the first nine months of 2020 Schlumberger recorded the following charges
and credits, which are fully described in Note 2 to the Consolidated Financial
Statements:



                                                              (Stated in millions)

                                                  Pretax        Tax         Net
First quarter:
Goodwill                                         $  3,070     $     -     $  3,070
Intangible assets                                   3,321         815        2,506
Asset Performance Solutions investments             1,264          (4 )     

1,268

North American pressure pumping                       587         133          454
Severance                                             202           7          195
Other                                                  79           9           70
Valuation allowance                                     -        (164 )        164
Second quarter:                                                                  -
Workforce reductions                                1,021          71          950
Asset Performance Solutions investments               730          15          715
Fixed asset impairments                               666          52          614
Inventory write-downs                                 603          49          554
Right-of-use asset impairments                        311          67       

244

Costs associated with exiting certain activities 205 (25 )

230

Multiclient seismic data impairment                   156           2       

154

Repurchase of bonds                                    40           2       

38

Postretirement benefits curtailment gain              (69 )       (16 )        (53 )
Other                                                  60           4           56
Third quarter:
Facility exit charges                                 254          39          215
Workforce reductions                                   63           -           63
Other                                                  33           1           32
                                                 $ 12,596$ 1,057$ 11,539


                                       24
--------------------------------------------------------------------------------

Liquidity and Capital Resources


Details of the components of liquidity as well as changes in liquidity follow:



                                                                     (Stated in millions)

                                                Sept. 30,       Sept. 30,       Dec. 31,
Components of Liquidity:                          2021            2020            2020
Cash                                           $     1,569$     1,219$      844
Short-term investments                               1,373           2,618          2,162
Short-term borrowings and current portion of
long-term debt                                      (1,025 )        (1,292 )         (850 )
Long-term debt                                     (14,370 )       (16,471 )      (16,036 )
Net debt (1)                                   $   (12,453 )$   (13,926 )$  (13,880 )






                                                           Nine Months Ended Sept. 30,
Changes in Liquidity:                                       2021                 2020
Net income (loss)                                      $        1,317$      (10,868 )
Impairment and other charges & credits                            (47 )     

12,596

Depreciation and amortization (2)                               1,588       

1,983

Earnings of equity method investments, less dividends received

                                                            6                  (18 )
Deferred taxes                                                    (33 )             (1,147 )
Stock-based compensation expense                                  229                  318
Increase in working capital (3)                                  (798 )               (822 )
US Federal tax refund                                             477                    -
Other                                                             (20 )                 24
Cash flow from operations                                       2,719                2,066
Capital expenditures                                             (694 )               (858 )
APS investments                                                  (305 )               (252 )
Multiclient seismic data costs capitalized                        (21 )                (86 )
Free cash flow (4)                                              1,699                  870
Dividends paid                                                   (524 )             (1,560 )
Proceeds from employee stock plans                                137                  146
Stock repurchase program                                            -                  (26 )

Business acquisitions and investments, net of cash acquired plus debt assumed

                                        (98 )                (33 )
Net proceeds from asset divestitures                                -                  325
Other                                                             (79 )     

(149 ) Change in net debt before impact of changes in foreign exchange rates on net debt

                                      1,135       

(427 ) Impact of changes in foreign exchange rates on net debt

                                                              292                 (372 )
Decrease (increase) in net debt                                 1,427                 (799 )
Net debt, beginning of period (1)                             (13,880 )            (13,127 )
Net debt, end of period (1)                            $      (12,453 )$      (13,926 )




                                       25
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(1) "Net debt" represents gross debt less cash and short-term

investments. Management believes that Net debt provides useful information

regarding the level of Schlumberger's indebtedness by reflecting cash and

    investments that could be used to repay debt. Net debt is a non-GAAP
    financial measure that should be considered in addition to, not as a
    substitute for or superior to, total debt.

(2) Includes depreciation of property, plant and equipment and amortization of

intangible assets, multiclient seismic data costs, and APS investments.

(3) Includes severance payments of $226 million and $699 million during the nine

months ended September 30, 2021 and 2020, respectively.

(4) "Free cash flow" represents cash flow from operations less capital

expenditures, APS investments and multiclient seismic data costs capitalized.

Management believes that free cash flow is an important liquidity measure for

the company and that it is useful to investors and management as a measure of

our ability to generate cash. Once business needs and obligations are met,

this cash can be used to reinvest in the company for future growth or to

return to shareholders through dividend payments or share repurchases. Free

cash flow does not represent the residual cash flow available for

discretionary expenditures. Free cash flow is a non-GAAP financial measure

that should be considered in addition to, not as a substitute for or superior

to, cash flow from operations.



In view of the uncertainty of the depth and extent of the contraction in oil
demand due to the COVID-19 pandemic combined with the weaker commodity price
environment at the time, in April 2020 Schlumberger announced a 75% reduction to
its quarterly cash dividend. The revised dividend supports Schlumberger's value
proposition through a balanced approach of shareholder distributions and organic
investment, while providing flexibility to address the uncertain
environment. This decision reflected the Company's focus on its capital
stewardship program as well as its commitment to maintain both a strong
liquidity position and a strong investment grade credit rating that provides
privileged access to the financial markets.

Key liquidity events during the first nine months of 2021 and 2020 included:

• On January 21, 2016, the Board approved a $10 billion share repurchase program

for Schlumberger common stock. Schlumberger had repurchased $1.0 billion of

Schlumberger common stock under this program as of September 30,

2021. Schlumberger did not repurchase any of its common stock during the first

nine months of 2021. Schlumberger repurchased $26 million of its common stock

   during the first nine months of 2020.



•Capital investments (consisting of capital expenditures, APS investments and

multiclient seismic data capitalized) were $1.0 billion during the first nine

months of 2021 compared to $1.2 billion during the first nine months of

2020. Capital investments during the full year of 2021 are expected to be

approximately $1.6 billion as compared to $1.5 billion for the full year 2020.

• During the second quarter of 2021, Schlumberger repurchased all $665 million

   of its 3.30% Senior Notes due 2021.



• During the second quarter of 2021, Schlumberger received a federal tax refund

of $477 million relating to the carryback of US net operating losses pursuant

   to the Coronavirus Aid, Relief and Economic Security Act.



• During the first quarter of 2020, Schlumberger issued €400 million of 0.25%

   Notes due 2027 and €400 million of 0.50% Notes due 2031.



• During the first quarter of 2020, Schlumberger completed the sale of its 49%

interest in the Bandurria Sur Block in Argentina. The net cash proceeds from

this transaction, combined with the proceeds received from the divestiture of

   a smaller APS project, amounted to $298 million.



• During the second quarter of 2020, Schlumberger issued €1.0 billion of 1.375%

Guaranteed Notes due 2026, $900 million of 2.650% Senior Notes due 2030 and

   €1.0 billion of 2.00% Guaranteed Notes due 2032.



• During the second quarter of 2020, Schlumberger repurchased all $600 million

of its 4.20% Senior Notes due 2021 and $935 million of its 3.30% Senior Notes

due 2021. Schlumberger paid a premium of approximately $40 million in

connection with these repurchases. This premium was classified in Impairments

& other in the Consolidated Statement of Income (Loss). See Note 2 - Charges

   and Credits.



• During the second quarter of 2020, Schlumberger established a €5.0 billion

Guaranteed Euro Medium Term Note program that provides for the issuance of

various types of debt instruments such as fixed or floating rate notes in

euro, US dollar or other currencies. Schlumberger has not issued any debt

   under this program.




                                       26
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• During the third quarter of 2020, Schlumberger issued $500 million of 1.40%

Senior Notes due 2025 and $350 million of 2.65% Senior Notes due 2030.



As of September 30, 2021, Schlumberger had $2.94 billion of cash and short-term
investments on hand. Schlumberger had committed debt facility agreements
aggregating $6.63 billion, all of which was available and unused. Schlumberger
believes these amounts are sufficient to meet future business requirements for
at least the next 12 months.

There were no borrowings under the commercial paper programs at September 30, 2021.


Schlumberger maintains an allowance for doubtful accounts in order to record
accounts receivable at their net realizable value.  Judgment is involved in
recording and making adjustments to this reserve.  Allowances have been recorded
for receivables believed to be uncollectible, including amounts for the
resolution of potential credit and other collection issues such as disputed
invoices.  Adjustments to the allowance may be required in future periods
depending on how such potential issues are resolved, or if the financial
condition of Schlumberger's customers were to deteriorate resulting in an
impairment of their ability to make payments.  As a large multinational company
with a long history of operating in a cyclical industry, Schlumberger has
extensive experience in working with its customers during difficult times to
manage its accounts receivable.



Schlumberger generates revenue in more than 120 countries.  As of September 30,
2021, only five of those countries individually accounted for greater than 5% of
Schlumberger's net receivable balance, of which only two (the United States and
Mexico) accounted for greater than 10% of such receivables.



At times in recent periods, Schlumberger has experienced delays in payments from
its primary customer in Mexico.  Included in Receivables, less allowance for
doubtful accounts in the Consolidated Balance Sheet as of September 30, 2021 is
approximately $0.7 billion of receivables relating to Mexico.  Schlumberger's
receivables from its primary customer in Mexico are not in dispute and
Schlumberger has not historically had any material write-offs due to
uncollectible accounts receivable relating to this customer.

FORWARD-LOOKING STATEMENTS


This third-quarter 2021 Form 10-Q, as well as other statements we make, contains
"forward-looking statements" within the meaning of the federal securities laws,
which include any statements that are not historical facts. Such statements
often contain words such as "expect," "may," "can," "believe," "predict,"
"plan," "potential," "projected," "projections," "forecast," "estimate,"
"intend," "anticipate," "ambition," "goal," "target," "think," "should,"
"could," "would," "will," "see," "likely," and other similar words.
Forward-looking statements address matters that are, to varying degrees,
uncertain, such as statements about Schlumberger's financial and performance
targets and other forecasts or expectations regarding, or dependent on, its
business outlook; growth for Schlumberger as a whole and for each of its
Divisions (and for specified business lines, geographic areas or technologies
within each Division); oil and natural gas demand and production growth; oil and
natural gas prices; forecasts or expectations regarding the energy transition
and global climate change; improvements in operating procedures and technology;
capital expenditures by Schlumberger and the oil and gas industry; the business
strategies of Schlumberger, including digital and "fit for basin," as well as
the strategies of Schlumberger's customers; Schlumberger's effective tax rate;
Schlumberger's APS projects, joint ventures, and other alliances; Schlumberger's
response to the COVID-19 pandemic and its preparedness for other widespread
health emergencies; access to raw materials; future global economic and
geopolitical conditions; future liquidity; and future results of operations,
such as margin levels. These statements are subject to risks and uncertainties,
including, but not limited to, changing 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; the results of
operations and financial condition of Schlumberger's customers and suppliers;
Schlumberger's inability to achieve its financial and performance targets and
other forecasts and expectations; Schlumberger's inability to achieve net-zero
carbon emissions goals or interim emissions reduction goals; general economic,
geopolitical and business conditions in key regions of the world; foreign
currency risk; pricing pressure; inflation; weather and seasonal factors;
unfavorable effects of health pandemics; availability and cost of raw materials;
operational modifications, delays or cancellations; challenges in Schlumberger's
supply chain; production declines; Schlumberger's inability to recognize
efficiencies and other intended benefits from its business strategies and
initiatives, such as digital or new energy, as well as its restructuring and
structural cost reduction plans; changes in government regulations and
regulatory requirements, including those related to offshore oil and gas
exploration, radioactive sources, explosives, chemicals and climate-related
initiatives; the inability of technology to meet new challenges in exploration;
the competitiveness of alternative energy sources or product substitutes; and
other risks and uncertainties detailed in this Form 10-Q and our most recent
Form 10-K and Forms 8-K filed with or furnished to the SEC. 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. Statements in this third-quarter 2021 Form 10-Q are made as of
October 27, 2021, and Schlumberger disclaims any intention or obligation to
update publicly or revise such statements, whether as a result of new
information, future events or otherwise.

                                       27

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