UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2014
Commission file No.: 1-4601
SCHLUMBERGER N.V.
(SCHLUMBERGER LIMITED)
(Exact name of registrant as specified in its charter)
CURAÇAO |
|
52-0684746 |
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
|
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42 RUE SAINT-DOMINIQUE |
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|
PARIS, FRANCE |
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75007 |
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5599 SAN FELIPE, 17th FLOOR |
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HOUSTON, TEXAS, U.S.A. |
|
77056 |
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PARKSTRAAT 83 THE HAGUE, |
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THE NETHERLANDS |
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2514 JG |
(Addresses of principal executive offices) |
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(Zip Codes) |
Registrant’s telephone number: (713) 375-3400
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
x |
Accelerated filer |
¨ |
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|
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|
Non-accelerated filer |
¨ (Do not check if a smaller reporting company) |
Smaller reporting company |
¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
Outstanding at March 31, 2014 |
COMMON STOCK, $0.01 PAR VALUE PER SHARE |
1,302,192,028 |
SCHLUMBERGER LIMITED
First Quarter 2014 Form 10-Q
Table of Contents
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Page |
PART I |
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Financial Information |
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Item 1. |
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3 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 |
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Item 3. |
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25 |
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Item 4. |
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25 |
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PART II |
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Other Information |
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Item 1. |
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26 |
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Item 1A. |
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26 |
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Item 2. |
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26 |
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Item 3. |
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26 |
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Item 4. |
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26 |
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Item 5. |
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26 |
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Item 6. |
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27 |
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Certifications |
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2
PART I. FINANCIAL INFORMATION
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(Stated in millions, except per share amounts) |
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||||||
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Three Months |
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|||||
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Ended March 31, |
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|||||
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2014 |
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2013 |
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||
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|
|
|
|
|
|
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Revenue |
$ |
11,239 |
|
|
$ |
10,570 |
|
Interest & other income |
|
76 |
|
|
|
33 |
|
Expenses |
|
|
|
|
|
|
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Cost of revenue |
|
8,745 |
|
|
|
8,409 |
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Research & engineering |
|
284 |
|
|
|
292 |
|
General & administrative |
|
106 |
|
|
|
95 |
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Impairment & other |
|
- |
|
|
|
92 |
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Interest |
|
103 |
|
|
|
98 |
|
Income from continuing operations before taxes |
|
2,077 |
|
|
|
1,617 |
|
Taxes on income |
|
469 |
|
|
|
406 |
|
Income from continuing operations |
|
1,608 |
|
|
|
1,211 |
|
Income from discontinued operations |
|
- |
|
|
|
56 |
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Net income |
|
1,608 |
|
|
|
1,267 |
|
Net income attributable to noncontrolling interests |
|
16 |
|
|
|
8 |
|
Net income attributable to Schlumberger |
$ |
1,592 |
|
|
$ |
1,259 |
|
|
|
|
|
|
|
|
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Schlumberger amounts attributable to: |
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|
|
|
|
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Income from continuing operations |
$ |
1,592 |
|
|
$ |
1,203 |
|
Income from discontinued operations |
|
- |
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|
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56 |
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Net income |
$ |
1,592 |
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|
$ |
1,259 |
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Basic earnings per share of Schlumberger: |
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Income from continuing operations |
$ |
1.22 |
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$ |
0.90 |
|
Income from discontinued operations |
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- |
|
|
|
0.04 |
|
Net income (1) |
$ |
1.22 |
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|
$ |
0.95 |
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Diluted earnings per share of Schlumberger: |
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|
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Income from continuing operations |
$ |
1.21 |
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|
$ |
0.90 |
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Income from discontinued operations |
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- |
|
|
|
0.04 |
|
Net income |
$ |
1.21 |
|
|
$ |
0.94 |
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|
|
|
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Average shares outstanding: |
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|
|
|
|
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Basic |
|
1,306 |
|
|
|
1,330 |
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Assuming dilution |
|
1,318 |
|
|
|
1,340 |
|
(1) Amounts may not add due to rounding.
See Notes to Consolidated Financial Statements
3
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
|
(Stated in millions) |
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|||||
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Three Months |
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|||||
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Ended March 31, |
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|||||
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2014 |
|
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2013 |
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||
Net income |
$ |
1,608 |
|
|
$ |
1,267 |
|
Currency translation adjustments |
|
|
|
|
|
|
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Unrealized net change arising during the period |
|
(88 |
) |
|
|
(77 |
) |
Marketable securities |
|
|
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|
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Unrealized gain arising during the period |
|
11 |
|
|
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72 |
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Derivatives |
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Net derivatives gain (loss) on hedge transactions |
|
16 |
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(154 |
) |
Reclassification to net income of net realized (gain) loss (see Note 10) |
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(3 |
) |
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80 |
|
Pension and other postretirement benefit plans |
|
|
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Actuarial gain (loss) |
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Amortization to net income of net actuarial loss (see Note 14) |
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41 |
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74 |
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Prior service cost |
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Amortization to net income of net prior service cost (see Note 14) |
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32 |
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31 |
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Income taxes on pension and other postretirement benefit plans |
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(10 |
) |
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(14 |
) |
Comprehensive income |
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1,607 |
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1,279 |
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Comprehensive income attributable to noncontrolling interests |
|
16 |
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|
8 |
|
Comprehensive income attributable to Schlumberger |
$ |
1,591 |
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$ |
1,271 |
|
See Notes to Consolidated Financial Statements
4
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
|
(Stated in millions) |
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|||||
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Mar. 31, 2014 |
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Dec. 31, |
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||
ASSETS |
(Unaudited) |
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2013 |
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Current Assets |
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Cash |
$ |
3,752 |
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$ |
3,472 |
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Short-term investments |
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3,326 |
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4,898 |
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Receivables less allowance for doubtful accounts (2014 - $367; 2013 - $384) |
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11,680 |
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11,497 |
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Inventories |
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4,731 |
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4,603 |
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Deferred taxes |
|
301 |
|
|
|
288 |
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Other current assets |
|
1,563 |
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1,467 |
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25,353 |
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26,225 |
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Fixed Income Investments, held to maturity |
|
358 |
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363 |
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Investments in Affiliated Companies |
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3,407 |
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3,317 |
|
Fixed Assets less accumulated depreciation |
|
15,114 |
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|
15,096 |
|
Multiclient Seismic Data |
|
696 |
|
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|
667 |
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Goodwill |
|
14,832 |
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14,706 |
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Intangible Assets |
|
4,713 |
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|
4,709 |
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Other Assets |
|
2,244 |
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|
2,017 |
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$ |
66,717 |
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$ |
67,100 |
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LIABILITIES AND EQUITY |
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Current Liabilities |
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Accounts payable and accrued liabilities |
$ |
8,272 |
|
|
$ |
8,837 |
|
Estimated liability for taxes on income |
|
1,731 |
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|
|
1,490 |
|
Long-term debt - current portion |
|
628 |
|
|
|
1,819 |
|
Short-term borrowings |
|
741 |
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|
964 |
|
Dividends payable |
|
527 |
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|
415 |
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11,899 |
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|
13,525 |
|
Long-term Debt |
|
11,120 |
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|
10,393 |
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Postretirement Benefits |
|
663 |
|
|
|
670 |
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Deferred Taxes |
|
1,708 |
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|
1,708 |
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Other Liabilities |
|
1,147 |
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|
|
1,169 |
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|
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26,537 |
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|
|
27,465 |
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Equity |
|
|
|
|
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Common stock |
|
12,246 |
|
|
|
12,192 |
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Treasury stock |
|
(8,723 |
) |
|
|
(8,135 |
) |
Retained earnings |
|
39,036 |
|
|
|
37,966 |
|
Accumulated other comprehensive loss |
|
(2,555 |
) |
|
|
(2,554 |
) |
Schlumberger stockholders' equity |
|
40,004 |
|
|
|
39,469 |
|
Noncontrolling interests |
|
176 |
|
|
|
166 |
|
|
|
40,180 |
|
|
|
39,635 |
|
|
|
|
|
|
|
|
|
|
$ |
66,717 |
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|
$ |
67,100 |
|
See Notes to Consolidated Financial Statements
5
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
|
(Stated in millions) |
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|||||
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Three Months Ended Mar. 31, |
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|||||
Cash flows from operating activities: |
2014 |
|
|
2013 |
|
||
Net income |
$ |
1,608 |
|
|
$ |
1,267 |
|
Less: Income from discontinued operations |
|
- |
|
|
|
(56 |
) |
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization (1) |
|
932 |
|
|
|
896 |
|
Earnings of companies carried at equity, less dividends received |
|
(61 |
) |
|
|
(23 |
) |
Stock-based compensation expense |
|
77 |
|
|
|
81 |
|
Pension and other postretirement benefits expense |
|
86 |
|
|
|
128 |
|
Other non-cash items |
|
27 |
|
|
|
108 |
|
Pension and other postretirement benefits funding |
|
(72 |
) |
|
|
(177 |
) |
Change in assets and liabilities: (2) |
|
|
|
|
|
|
|
Increase in receivables |
|
(202 |
) |
|
|
(288 |
) |
Increase in inventories |
|
(137 |
) |
|
|
(179 |
) |
Increase in other current assets |
|
(181 |
) |
|
|
(29 |
) |
Increase in other assets |
|
(164 |
) |
|
|
(164 |
) |
Decrease in accounts payable and accrued liabilities |
|
(592 |
) |
|
|
(577 |
) |
Increase in liability for taxes on income |
|
242 |
|
|
|
124 |
|
Decrease in other liabilities |
|
(20 |
) |
|
|
(5 |
) |
Other |
|
92 |
|
|
|
32 |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
1,635 |
|
|
|
1,138 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
(864 |
) |
|
|
(894 |
) |
Multiclient seismic data capitalized |
|
(82 |
) |
|
|
(117 |
) |
Other business acquisitions and investments, net of cash acquired |
|
(239 |
) |
|
|
(39 |
) |
Sale of investments, net |
|
1,576 |
|
|
|
910 |
|
Other |
|
(17 |
) |
|
|
34 |
|
NET CASH PROVIDED BY (USED) IN INVESTING ACTIVITIES |
|
374 |
|
|
|
(106 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Dividends paid |
|
(410 |
) |
|
|
(365 |
) |
Proceeds from employee stock purchase plan |
|
134 |
|
|
|
126 |
|
Proceeds from exercise of stock options |
|
146 |
|
|
|
40 |
|
Stock repurchase program |
|
(899 |
) |
|
|
(193 |
) |
Proceeds from issuance of long-term debt |
|
1,110 |
|
|
|
18 |
|
Repayment of long-term debt |
|
(1,574 |
) |
|
|
(445 |
) |
Net increase in short-term borrowings |
|
(222 |
) |
|
|
34 |
|
Other |
|
7 |
|
|
|
- |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
(1,708 |
) |
|
|
(785 |
) |
|
|
|
|
|
|
|
|
Cash flows from discontinued operations - operating activities |
|
- |
|
|
|
(19 |
) |
Cash flows from discontinued operations |
|
- |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
Net increase in cash before translation effect |
|
301 |
|
|
|
228 |
|
Translation effect on cash |
|
(21 |
) |
|
|
(4 |
) |
Cash, beginning of period |
|
3,472 |
|
|
|
1,905 |
|
Cash, end of period |
$ |
3,752 |
|
|
$ |
2,129 |
|
(1) | Includes multiclient seismic data costs. |
(2) | Net of the effect of business acquisitions and divestitures. |
See Notes to Consolidated Financial Statements
6
SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
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||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Retained |
|
|
Comprehensive |
|
|
Noncontrolling |
|
|
|
|
|
||||||||
January 1, 2014 - March 31, 2014 |
|
Issued |
|
|
In Treasury |
|
|
Earnings |
|
|
Loss |
|
|
Interests |
|
|
Total |
|
||||||
Balance, January 1, 2014 |
|
$ |
12,192 |
|
|
$ |
(8,135 |
) |
|
$ |
37,966 |
|
|
$ |
(2,554 |
) |
|
$ |
166 |
|
|
$ |
39,635 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
1,592 |
|
|
|
|
|
|
|
16 |
|
|
|
1,608 |
|
Currency translation adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(88 |
) |
|
|
|
|
|
|
(88 |
) |
Changes in unrealized gain on marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
11 |
|
Changes in fair value of derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
13 |
|
Pension and other postretirement benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
63 |
|
Shares sold to optionees, less shares exchanged |
|
|
(7 |
) |
|
|
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146 |
|
Vesting of restricted stock |
|
|
(30 |
) |
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Shares issued under employee stock purchase plan |
|
|
6 |
|
|
|
128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
134 |
|
Stock repurchase program |
|
|
|
|
|
|
(899 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(899 |
) |
Stock-based compensation expense |
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77 |
|
Dividends declared ($0.40 per share) |
|
|
|
|
|
|
|
|
|
|
(522 |
) |
|
|
|
|
|
|
|
|
|
|
(522 |
) |
Other |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6 |
) |
|
|
2 |
|
Balance, March 31, 2014 |
|
$ |
12,246 |
|
|
$ |
(8,723 |
) |
|
$ |
39,036 |
|
|
$ |
(2,555 |
) |
|
$ |
176 |
|
|
$ |
40,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Retained |
|
|
Comprehensive |
|
|
Noncontrolling |
|
|
|
|
|
||||||||
January 1, 2013 - March 31, 2013 |
|
Issued |
|
|
In Treasury |
|
|
Earnings |
|
|
Loss |
|
|
Interests |
|
|
Total |
|
||||||
Balance, January 1, 2013 |
|
$ |
11,912 |
|
|
$ |
(6,160 |
) |
|
$ |
32,887 |
|
|
$ |
(3,888 |
) |
|
$ |
107 |
|
|
$ |
34,858 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
1,259 |
|
|
|
|
|
|
|
8 |
|
|
|
1,267 |
|
Currency translation adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(77 |
) |
|
|
|
|
|
|
(77 |
) |
Changes in unrealized gain on marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72 |
|
|
|
|
|
|
|
72 |
|
Changes in fair value of derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(74 |
) |
|
|
|
|
|
|
(74 |
) |
Pension and other postretirement benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91 |
|
|
|
|
|
|
|
91 |
|
Shares sold to optionees, less shares exchanged |
|
|
(11 |
) |
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 |
|
Vesting of restricted stock |
|
|
(42 |
) |
|
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
Shares issued under employee stock purchase plan |
|
|
5 |
|
|
|
121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126 |
|
Stock repurchase program |
|
|
|
|
|
|
(193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(193 |
) |
Stock-based compensation expense |
|
|
81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81 |
|
Dividends declared ($0.3125 per share) |
|
|
|
|
|
|
|
|
|
|
(417 |
) |
|
|
|
|
|
|
|
|
|
|
(417 |
) |
Other |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
7 |
|
Balance, March 31, 2013 |
|
$ |
11,946 |
|
|
$ |
(6,139 |
) |
|
$ |
33,729 |
|
|
$ |
(3,876 |
) |
|
$ |
121 |
|
|
$ |
35,781 |
|
7
SHARES OF COMMON STOCK
(Unaudited)
|
|
|
|
|
(Stated in millions) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
Issued |
|
|
In Treasury |
|
|
Outstanding |
|
|||
Balance, January 1, 2014 |
|
1,434 |
|
|
|
(127 |
) |
|
|
1,307 |
|
Shares sold to optionees, less shares exchanged |
|
- |
|
|
|
2 |
|
|
|
2 |
|
Vesting of restricted stock |
|
- |
|
|
|
1 |
|
|
|
1 |
|
Shares issued under employee stock purchase plan |
|
- |
|
|
|
2 |
|
|
|
2 |
|
Stock repurchase program |
|
- |
|
|
|
(10 |
) |
|
|
(10 |
) |
Balance, March 31, 2014 |
|
1,434 |
|
|
|
(132 |
) |
|
|
1,302 |
|
See Notes to Consolidated Financial Statements
8
SCHLUMBERGER LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries (“Schlumberger”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Schlumberger management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. The December 31, 2013 balance sheet information has been derived from the Schlumberger 2013 financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Schlumberger Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on January 31, 2014.
Certain prior year items have been reclassified to conform to the current year presentation.
2. Charges and Credits
Although the functional currency of Schlumberger’s operations in Venezuela is the US dollar, a portion of the transactions are denominated in local currency. In February 2013, Venezuela’s currency was devalued from the prior exchange rate of 4.3 Bolivar Fuertes per US dollar to 6.3 Bolivar Fuertes per US dollar. As a result of this devaluation, Schlumberger recorded a pretax and after-tax foreign currency loss of $92 million during the first quarter of 2013. This amount is classified in Impairment & other in the Consolidated Statement of Income.
Schlumberger did not record any charges or credits during the first quarter of 2014.
3. Earnings Per Share
The following is a reconciliation from basic earnings per share of Schlumberger to diluted earnings per share of Schlumberger:
|
|
|
|
|
|
|
|
|
|
|
|
|
(Stated in millions, except per share amounts) |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
2013 |
|
||||||||||||||||||
|
Schlumberger Income from Continuing Operations |
|
|
Average Shares Outstanding |
|
|
Earnings per Share from Continuing Operations |
|
|
Schlumberger Income from Continuing Operations |
|
|
Average Shares Outstanding |
|
|
Earnings per Share from Continuing Operations |
|
||||||
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1,592 |
|
|
|
1,306 |
|
|
$ |
1.22 |
|
|
$ |
1,203 |
|
|
|
1,330 |
|
|
$ |
0.90 |
|
Assumed exercise of stock options |
|
- |
|
|
|
8 |
|
|
|
|
|
|
|
- |
|
|
|
6 |
|
|
|
|
|
Unvested restricted stock |
|
- |
|
|
|
4 |
|
|
|
|
|
|
|
- |
|
|
|
4 |
|
|
|
|
|
Diluted |
$ |
1,592 |
|
|
|
1,318 |
|
|
$ |
1.21 |
|
|
$ |
1,203 |
|
|
|
1,340 |
|
|
$ |
0.90 |
|
9
The number of outstanding options to purchase shares of Schlumberger common stock which were not included in the computation of diluted earnings per share, because to do so would have had an antidilutive effect, was as follows:
|
(Stated in millions) |
|
|||||
|
|
|
|
|
|
|
|
|
2014 |
|
|
2013 |
|
||
First Quarter |
|
1 |
|
|
|
13 |
|
4. Inventories
A summary of inventories follows:
|
(Stated in millions) |
|
|||||
|
|
|
|
|
|
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
||
|
2014 |
|
|
2013 |
|
||
Raw materials & field materials |
|||||||