Schlumberger Limited reported results for the first-quarter 2015.
•First-quarter revenue of $10.2 billion decreased 19% sequentially
•First-quarter EPS of $1.06, excluding charges and credits, declined 29% sequentially
•First-quarter free cash flow of $1.2 billion, excluding restructuring payments, increased 74% year-on-year
•8.7 million shares were repurchased during the quarter for $719 million
•First-quarter restructuring and other charges amounted to $0.30 per share
Schlumberger Chairman and CEO Paal Kibsgaard commented: Schlumberger first-quarter revenue decreased 19% sequentially driven by the severe decline in North American land activity and associated pricing pressure. International operations were impacted by reduced customer spend in addition to seasonal effects in the Northern Hemisphere and the fall in value of the Russian ruble and the Venezuelan bolivar. Three-quarters of the overall sequential decline was due to lower activity and pricing, while the remainder was the result of currency effects and non-recurring year-end sales.