Schlumberger Limited Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2015; Provides Capex Guidance for the Year 2016
For the year, the company reported revenue of $35,475 million compared to $48,580 million a year ago. Income before taxes was $2,881 million compared to $7,639 million a year ago. Income from continuing operations was $2,135 million compared to $5,711 million a year ago. Net income attributable to the company was $2,072 million or $1.63 per diluted share compared to $5,438 million or $4.16 per diluted share a year ago. Income from continuing operations attributable to the company was $2,072 million or $1.63 per diluted share compared to $5,643 million or $4.31 per diluted share a year ago. Cash flow from operations was $8,805 million compared to $11,195 million a year ago. Net debt as at Dec. 31, 2015 was $5,547 million compared to $5,387 million a year ago. Capital expenditures were $2,410 million compared to $3,976 million a year ago. Free cash flow in 2015 was about $5 billion, which represents net income conversion rate of 114%.
For the fourth quarter of 2015, the company reported fixed asset impairments of $635 million.
Capex (excluding multiclient and SPM investments) is expected to be $2.4 billion for 2016.