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Schlumberger Limited 2009 Annual Report

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Schlumberger Limited 2009 Annual Report 28488schD1R3.qxp:28488schD1R3 - Cover 2/11/10 9:38 PM Page 1 Schlumberger Limited Schlumberger Limited 42 rue Saint-Dominique 2009 Annual Report 75007 Paris 5599 San Felipe, 17th Floor, Houston, Texas 77056 Parkstraat 83 2514 JG The Hague www.slb.com 28488schD1R3.qxp:28488schD1R3 - Cover 2/11/10 9:43 PM Page 2 Board of Directors Henri Seydoux 3,5 Corporate Information Duplicate Mailings Financial Performance Chairman & Chief Executive Officer When a stockholder owns shares Philippe Camus 1,3 Parrot S.A. Stockholder Information in more than one account, or Co-Managing Partner Paris, France Schlumberger common stock is when stockholders live at the (Stated in millions, except per share amounts) Société Lagardère listed on the New York Stock same address, duplicate mailings Senior Managing Director Linda Gillespie Stuntz 2,4 Exchange, trading symbol SLB, and may result. If you receive Year ended December 31 2009 2008 2007 Evercore Partners Inc. Partner on the Euronext Paris, London and duplicate reports, you can help New York, New York Stuntz, Davis & Staffier, P.C. SIX Swiss Stock Exchanges. eliminate the added expense by Revenue $ 22,702 $27,163 $ 23,277 Washington, D.C. requesting that only one copy be 2,3 For quarterly earnings, dividend Income from continuing operations $ 3,156 $ 5,397 $ 5,177 Jamie S. Gorelick sent. To eliminate duplicate Partner announcements and other infor- mailings, contact Computershare Diluted earnings per share from continuing operations $ 2.61 $ 4.42 $ 4.20 Wilmer Cutler Pickering Hale Corporate Officers mation, call 1-800-99-SLB-99 Trust Company, N.A., Stock from the US and Canada and Cash dividends declared per share $ 0.84 $ 0.84 $ 0.70 and Dorr LLP Transfer Agent and Registrar. Washington, D.C. Andrew Gould 1-813-774-5043 for callers Chairman & Chief Executive Officer outside North America, or visit World Wide Web www.slb.com/ir and sign up Return on sales from continuing operations 14% 20% 22% Andrew Gould For information on Schlumberger Chairman & Chief Executive Officer Simon Ayat to receive email alerts. technology, services and solutions Return on equity from continuing operations 17% 33% 41% Schlumberger Executive Vice President & and the latest industry news, visit Net debt $ 126 $ 1,129 $ 1,857 Chief Financial Officer Stock Transfer Agent www.slb.com. Tony Isaac 1,3,4 and Registrar Paal Kibsgaard Computershare Trust Retired Chief Operating Officer Recruitment Former Chief Executive Company, N.A. For more information on careers BOC Group Alexander C. Juden P.O. Box 43078 and job opportunities at Providence, Rhode Island Safety and Environmental Performance Surrey, United Kingdom Secretary & General Counsel Schlumberger, visit 02940-3078 www.careers.slb.com. Year ended December 31 2009 2008 2007 Nikolay Kudryavtsev 1,5 H. Sola Oyinlola 1-877-785-9341 or 1-781-575-2707 Vice President & Treasurer Rector General stockholder information is Non-Profit Community Combined Lost Time Injury Frequency (CLTIF)—Industry Recognized (OGP) 1.4 1.7 2.0 Moscow Institute of Ashok Belani available on the Computershare Development Programs Physics and Technology Schlumberger supports and Auto Accident Rate mile (AARm)—Industry Recognized 0.4 0.4 0.5 Vice President Web site at Moscow, Russia www.computershare.com encourages a range of community Tonnes of CO2 per employee per year 13 14 14 Stephanie Cox development programs—both 1,2,4 Adrian Lajous Vice President Form 10-K global and local—which are Senior Energy Advisor often initiated and implemented Mark Danton The Schlumberger 2009 annual McKinsey & Company by employees. We have chosen Vice President report on Form 10-K filed with Schlumberger is the world’s leading oilfield services company supplying technology, information solutions, and integrated Houston, Texas the Securities and Exchange to focus on education and social President development. To learn more project management that optimize reservoir performance for customers working in the oil and gas industry. The company David Farmer Commission is available without Petrometrica charge. To obtain a copy, call about these programs, please employs approximately 77,000 people of over 140 nationalities working in approximately 80 countries. Schlumberger supplies Vice President Mexico City, Mexico 1-800-997-5299 from North visit www.seed.slb.com and a wide range of products and services from seismic acquisition and processing; formation evaluation; well testing and Rodney Nelson America and 1-813-774-5043 out- www.foundation.slb.com. 2,4 directional drilling to well cementing and stimulation; artificial lift and well completions; and consulting, software, and Michael E. Marks Vice President side North America. Alternatively, Managing Partner you can view all of our SEC filings * Mark of Schlumberger information management. Satish Pai Riverwood Capital LLC online at www.slb.com/ir or write Vice President Palo Alto, California to the Secretary, Schlumberger Photography by Abdullah Al-Huthail (page 5), Malcolm Theobald Limited, 5599 San Felipe, 17th Agence WO (page 4), John Borowski (page 16), Leo Rafael Reif 3,5 Joyice Baby Cherian (page 11), Ken Childress Vice President Floor, Houston, Texas 77056. (cover, pages 8, 9, 10 and 15), Ricardo Merendoni In This Report Provost, Chief Academic Officer & (page 12), Jennifer Purviance (page 14), Gerardo Chief Budget Officer Charles Woodburn Email Alerts Serrano (page 1), and John Smallwood (page 6). Massachusetts Institute of Inside Front Cover Financial, Safety, and Vice President To receive Schlumberger press Image on page 13 courtesy of Brazilian Technology releases, headlines, and daily architect Zanetti. Environmental Performance Howard Guild Cambridge, Massachusetts industry news headlines, register Chief Accounting Officer Page 2 Letter from the Chairman at www.slb.com/ir. 3,4 Page 4 Integrating Technology for Success Tore I. Sandvold Eileen Hardell in Complex Project Management Chairman Assistant Secretary A Review of the 2009 Performed by Sandvold Energy AS Schlumberger Winners Oslo, Norway Saul Laureles Front Cover Page 7 Delivering New Technology Faster Assistant Secretary In the Schlumberger Heavy Oil The Schlumberger Advantage Regional Technology Center in 1 Member, Audit Committee Page 14 Technology and the Environment 2 Member, Compensation Committee Measurement and Impact Calgary, Reservoir Engineers Carlos 3 Member, Finance Committee Damas and Jose Rivero discuss 4 Member, Nominating and Governance Page 17 Annual Report on Form 10-K steam-assisted gravity drainage Committee 5 Member, Technology Committee Inside Back Cover Directors and Officers simulation results from a heavy oil Inside Back Cover Corporate Information reservoir in Alberta. 28488schD1R3.qxp:28488schD1R3 - Text 2/15/10 11:33 AM Page 1 The age of easy oil is over. As the exploration and production industry strives to meet the energy needs of tomorrow, it is challenged by deeper waters, increasingly complex geological settings, more diverse hydrocarbons, and greater extremes of temperature and pressure. In this report we discuss how Schlumberger people and technologies are positioned for success. Gas hydrates have yet to be research and development project. commercially produced but could Schlumberger Integrated Project become an important source of Management provided complete energy. Located on a remote island in well construction services including the Mackenzie Delta of Northwestern project planning, engineering, Canada, the Mallik field was the drilling, completions, and well testing. subject of a 10-year gas hydrate 28488schD1R3.qxp:28488schD1R3 2/11/10 8:34 PM Page 2 Letter from the Chairman In 2009, Schlumberger revenue fell by 16% to $22.7 billion as world economic conditions worsened and customer spending dropped with lower commodity prices. As the year progressed, however, oil prices recovered gradually from levels under $40 per barrel in January to over $70 per barrel in December. Within this market, Schlumberger Oilfield Services revenue in 2009 also declined 16% compared to 2008, falling to $20.52 billion. Lower natural gas prices and unfavorable market fundamentals led to a 37% decline in North America revenue, primarily in the US Land and Canada GeoMarket* regions. Europe/CIS/Africa Area revenue fell 13% mainly owing to the weakening of local currencies against the US dollar and reduced activity in the Russia, North Sea, West & South Africa, and Caspian GeoMarkets, as well as at Framo Engineering. Middle East & Asia Area revenue dropped 9% primarily as a result of decreases in the East Asia, East Mediterranean, Arabian and Australia/Papua New Guinea GeoMarkets. Latin America Area revenue, however, was only marginally lower than in 2008 as the impact of weaker local currencies against the US dollar and much lower activity in the Venezuela/Trinidad & Tobago and Peru/Colombia/ Ecuador GeoMarkets was partly offset by stronger activity in the Mexico/Central America and Brazil GeoMarkets. WesternGeco revenue in 2009, at $2.12 billion, was 25% lower than 2008. Revenue fell across all product lines, with the largest declines seen in Marine and Multiclient. Marine revenue fell on lower activity and reduced pricing as a result of weaker market conditions while Multiclient revenue decreased as customers reduced discretionary spending—primarily in North America. Land revenue fell on lower crew utilization and Data Processing revenue decreased reflecting lower activity primarily in Europe and Africa and in North America. While customers spent less on new technology in 2009 versus
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