Schlumberger Limited Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Capital Expenditure and Tax Rate Guidance for the Year of 2015
For the year, the company reported revenue of $48,580 million compared to $45,266 million a year ago. Income before taxes was $7,639 million compared to $8,691 million a year ago. Income from continuing operations was $5,711 million compared to $6,843 million a year ago. Net income attributable to the company was $5,438 million or $4.16 per diluted share compared to $6,732 million or $5.05 per diluted share a year ago. Income from continuing operations attributable to the company was $5,643 million or $4.31 per diluted share compared to $6,801 million or $5.10 per diluted share a year ago. Cash flow from operations was $11,195 million compared to $10,690 million a year ago. Net debt as at Dec. 31, 2014 was $5,387 million compared to $4,443 million a year ago. Capex for the full year 2014 was $4.0 billion. It generated free cash flow of more than $6.2 billion. This represents an increase of 13% over 2013 and a conversion of 84% of the full year's earnings into free cash flow.
The company's capex (excluding multiclient and SPM investments) is expected to be $3.0 billion for 2015. It expects the ETR for the full year 2015 to be in the low to mid-20s.