HOUSTON--( / ) January 19, 2015 -- Schlumberger Limited (NYSE:SLB) today reported results for the full-year and fourth-quarter 2014. Full-year results are shown in the table below.
Full-Year Results (To view the table, please visit )
*Income from continuing operations, including charges and credits, was $5.643 billion in 2014 and $6.801 billion in 2013. Diluted EPS from continuing operations, including charges and credits, was $4.31 in 2014 and $5.10 in 2013. See section entitled “Charges & Credits” for details.
Schlumberger CEO Paal Kibsgaard commented, “Full-year 2014 revenue of $48.6 billion increased 7% year-on-year and grew for the fifth consecutive year. Performance was driven by North America where revenue grew 16%, while International Area growth of 4% was led by a 10% increase in Middle East & Asia Area revenue. Full-year pretax operating income grew by 13%, with pretax operating margin expanding 113 basis points to 21.8%. International margin expanded by 168 basis points to reach 23.9%, reflecting an incremental operating margin of 69%.
“The strength of these results demonstrated the resiliency of our business portfolio in the face of activity challenges in 2014 in Brazil, Mexico, and China; reduced spending in deepwater, exploration and seismic activity; unrest in Libya and Iraq; international sanctions in Russia; and the accelerating fall in the price of oil toward the end of the year. The combination of these headwinds reduced revenue growth by more than $1 billion, or 2%, yet revenue still increased 7% as a result of strong tailwinds in Argentina, Ecuador, Sub-Saharan Africa, Saudi Arabia, the United Arab Emirates, and North America that combined with market share gains, drove overall performance.
Fourth-Quarter Results (To view the table, please visit )
*Income from continuing operations, including charges and credits, was $302 million in the fourth-quarter of 2014, $1.949 billion in the third-quarter of 2014 and $1.664 billion in the fourth-quarter of 2013. Diluted EPS from continuing operations, including charges and credits, was $0.23 in the fourth-quarter of 2014, $1.49 in the third-quarter of 2014 and $1.26 in the fourth-quarter of 2013. See section entitled “Charges & Credits” for details.
“Fourth-quarter results were led by record revenue in North America due to continued efficiency improvements and new technology uptake in pressure pumping land and by the recovery of activity in the US Gulf of Mexico. In the international markets, growth was strongest in the Middle East & Asia Area, driven by record revenue in Saudi Arabia and Bahrain, robust activity in Kuwait and the United Arab Emirates, and year-end increases in product and software sales across the Area. Latin America revenue was slightly higher on increased activity in Venezuela and Colombia, but the effect of this was offset by decreased work scope in Mexico due to budget constraints and weather. Europe/CIS/Africa revenue declined significantly, mainly from weakness in the ruble and seasonal activity declines in Russia, although activity was also lower in the Angola, Norway and United Kingdom GeoMarkets as rig counts fell in response to the dramatic fall in oil prices.
“Among the Technologies, the Production Group grew by 5.5% on pressure pumping services in North America while the Reservoir Characterization and Drilling Groups declined sequentially by 2.8% and 3.4%, respectively. The lower Reservoir Characterization Group activity was due to a seasonal decline in marine seismic work while the Drilling Group suffered from currency effects and seasonal declining activity in Russia. As expected, year-end software, product and multiclient license sales of approximately $260 million mainly benefited the Production and Reservoir Characterization Groups but were weaker than usual as customers reduced discretionary spend.
“During the quarter, the forecasts for global GDP softened somewhat while growth is still expected to be 3% in 2015, confirming that the global economic recovery is intact. As a result, demand for oil continues to increase but significantly higher marketed supply has led to a dramatic fall in oil price. As E&P investment falls in response, decline rates will impact oil production capacity, while sharply lower E&P activity will delay supply additions. At the same time, markets for natural gas remain comfortably supplied in North America, while new LNG capacity additions in Asia and weaker demand in Europe are putting pressure on prices in these regions.
“In this uncertain environment, we continue to focus on what we can control. We have already taken a number of actions to restructure and resize our organization that has led us to record a number of charges in the fourth quarter. We are convinced that performance must now be driven by an accelerated change in the way we work through our transformation program. The delivery of new technology that improves the performance of our customers’ reservoirs; the increases in efficiency and reliability that reduce overall finding, development and production costs; and the opportunities for growth from more integration?are all significant drivers of our own and our customers’ performance. Tangible results have already been recorded and, as we accelerate the benefits of the transformation program across both Technologies and GeoMarkets in 2015, we believe we are well-placed to outperform.
“Our considerable financial strength, as demonstrated by a strong cash conversion rate of earnings that generated over $6 billion in free cash flow in 2014, has led the Board of Directors to approve an increase in our dividend for the fifth consecutive year, resulting in the doubling of our dividend over the five-year period. In combination with our continuing share repurchase program, this clearly underlines the confidence in our ability to generate superior cash flows in spite of the more challenging environment.”
On January 15, 2015, the Board of Directors approved a 25% increase in the quarterly dividend from $0.40 per share of outstanding common stock to $0.50 per share, beginning with the dividend payable on April 10, 2015 to stockholders of record on February 11, 2015.
During the quarter, Schlumberger repurchased 12.1 million shares of its common stock at an average price of $90.22 per share for a total purchase price of $1.1 billion.
On January 6, 2015, Schlumberger, OneSubsea®, a Cameron and Schlumberger joint venture, and Helix Energy Solutions Group, Inc. announced the execution of definitive agreements for the companies' non-incorporated alliance?formed to develop technologies and deliver equipment and services to optimize the value chain of subsea well intervention systems. The alliance combines the expertise and capabilities of all three companies to provide a unique offering, integrating well-access equipment and control technologies with marine support.
North America fourth-quarter revenue of $4.3 billion increased 2% sequentially?with land revenue up 5%. Land revenue increased both in the US and Western Canada on higher pressure pumping activity, continued efficiency improvement, and higher uptake of new technology?specifically for BroadBand* family of services. Fourth-quarter activity in the US Gulf of Mexico increased by 12% driven by year-end multiclient license sales and resumption of operations after loop current disruptions in the third quarter. Eastern Canada revenue declined sequentially following completion of the season’s exploration program and marine seismic activity.
North America pretax operating margin increased 24 basis points (bps) sequentially to reach 19.6% on increased Western Canada activity, continued efficiency gains, increased penetration of new technology, and improved recovery of logistical costs in US land. North America offshore operating margin improved on a better revenue mix from high-margin multiclient license sales.
During the fourth quarter, new technologies helped to meet customer challenges in North American unconventional resource development. These technologies targeted to increased production and more efficient operations enabling customers to lower overall cost in a declining commodity-price market.
In North Dakota, Well Services BroadBand Sequence* fracturing service was deployed for Whiting Petroleum to stimulate a challenging 2,000-ft interval of a horizontal well located at the heel of a cemented 10,000-ft lateral. Following the stimulation treatment, a production profile run by Wireline Flow Scanner* well production logging technology confirmed that the interval stimulated with BroadBand Sequence technology contributed 42% of the total oil production, while the remaining 8,000-ft of the well contributed 58%.
In Oklahoma, Well Services BroadBand Sequence fracturing service was used for Apache Corporation in the stimulation of a horizontal well in the Cottage Grove formation. Apache chose BroadBand technology to ensure adequate wellbore coverage. As a result, initial post-treatment well production exceeded the initial production of two comparable offset wells completed using conventional stimulation methods by 74% and 134% respectively.
Schlumberger Drilling Group technologies were used for Talisman Energy to improve drilling efficiency in horizontal wells in the Marcellus Shale. The Drilling & Measurements PowerDrive Orbit* rotary steerable system with Smith SHARC* high-abrasion-resistance polycrystalline diamond compact (PDC) bits led to higher overall rates of penetration (ROP) than conventional rotary steerable systems, and resulted in an average saving of 1.3 days or $70,000 per well.
In US land, Drilling Group technologies were also deployed for Noble Energy Inc. to improve drilling times on extended-length horizontal wells in the Niobrara unconventional play in the DJ Basin. The combination of PowerDrive vorteX* rotary steerable technology with improved inclination and azimuth control, and Smith customized PDC bits consistently drilled lateral well sections of over 9,500 ft. in a single run. As a result, the customer saved more than 2 days per well by eliminating the need for a dedicated reamer run. In addition, the improved smoothness of the borehole drilled reduced completion assembly run times.
Revenue for the International Areas of $8.2 billion decreased 1% sequentially.
Middle East & Asia Area revenue of $3.1 billion grew 4% sequentially driven by record revenue in Saudi Arabia and Bahrain, increased activity in Kuwait and the United Arab Emirates, and year-end product and software sales across the Area.
Revenue in the Latin America Area of $2.1 billion grew by 1% on increased activity in Venezuela and Colombia, offset by decreased work scope in Mexico due to budgetary constraints.
Europe/CIS/Africa Area revenue of $3.1 billion fell 7% due mainly to weakness in the ruble and the seasonal activity decline in Russia. Following the peak summer drilling and exploration campaigns of the previous quarter, customer spending decelerated as oil prices weakened. As a result, rig count reductions led to activity declines in Angola, Norway and the United Kingdom GeoMarkets.
Sequentially, International Area pretax operating margin of 24.2% decreased 33 bps. Middle East & Asia pretax operating margin increased by 71 bps to 28.3% while Latin America decreased 102 bps to 20.9% and Europe/CIS/Africa declined 112 bps to 22.3%. The decline in International Area pretax operating margin was primarily driven by an unfavorable revenue mix in the fourth quarter following the high-margin peak summer drilling and exploration campaigns of the third quarter. Unfavorable currency effects and activity declines in Russia also contributed to margin contraction.
During the quarter, the International Areas saw a number of integration-related highlights.
Statoil awarded Schlumberger a contract for the supply of integrated drilling and well services in the Mariner field on the North Sea UK continental shelf (UKCS). The four-year contract, with options for several four-year extensions, includes options for Bressay, another Statoil-operated field on the UKCS, and will also work as a framework agreement for exploration drilling on the UKCS. The contract features an innovative procurement approach where Schlumberger works as an integral part of the Statoil team delivering all the main drilling and well services including drilling, fluids, cementing, completions and electrical submersible pumps. The scope of work includes a total of 22 drilling and well services and responsibility for logistics support. Drilling is planned to start in 2016.
In Germany, Well Intervention delivered increased efficiency and reliability on the world’s first ACTive* coiled-tubing drilling operation in a challenging gas well for Wintershall. The integration of ACTive real-time downhole measurement, Drilling Tools & Remedial Turbodrill* and Smith Kinetic* impregnated PDC bit technologies enabled deepening of the well with a 300% improvement in the ROP compared to conventional coiled-tubing conveyed drilling methods. Also, ACTive* in-well live performance with distributed temperature sensing was used to validate stimulation results and to monitor gas production. In addition, CoilScan* CT pipe inspection technology provided enhanced operational reliability through real-time pipe integrity monitoring.
Offshore Brazil, Drilling Group technologies were deployed for Shell to increase reliability and drilling efficiency in a batch drilling campaign of deepwater development wells. The Drilling & Measurements PowerDrive Xceed* rotary steerable system design underwent engineering customization to drill directional wells more reliably in extremely challenging, high-ROP environments. As a result, in the challenging 17 1/2-in riser-less sections re-designed Xceed technology combined with the XR+ drilling system drilled an unprecedented four wells in a row, over a total distance of 2,600 m, and more than one week below the rotary table. The increased reliability of Xceed technology helped eliminate two planned drillstring trips back to surface, enabling Shell to save two days of rig time. In the 8 1/2-in reservoir sections, the combination of Drilling & Measurements GeoSphere* reservoir mapping-while-drilling service and the well placement services of Petrotechnical Services using the Petrel* E&P software platform, enabled successful mapping of the reservoirs and delivery of high net-to-gross reservoir contact.
In Malaysia, PETRONAS Carigali Sdn Bhd awarded Schlumberger an integrated project management contract for the construction of 10 development wells in the Bokor field. The 18-month contract is expected to be worth $130 million over the contract period, and includes the supply of drilling and completion products and services as well as project management, well engineering, and wellsite supervision. This new contract benefits from lessons learned during construction of 17 wells over the previous phase of the Bokor project, along with the application of integrated Schlumberger drilling and completion technology to improve operational efficiency and reduce total well cost.
Reservoir Characterization Group
(Stated in millions, except margin percentages)
Three Months Ended Growth
Dec. 31, 2014 Sep. 30, 2014 Dec. 31, 2013 Sequential Year-on-year
Revenue $ 3,093 $ 3,184 $ 3,306 -3 % -6 %
Pretax operating income 956 954 1,031 - -7 %
Pretax operating margin 30.9 % 30.0 % 31.2 % 95 bps -27 bps
Sequentially, Reservoir Characterization Group revenue of $3.1 billion declined 3% primarily due to the seasonal drop in marine seismic activity in the North Sea and Eastern Canada. Wireline revenue also decreased on lower exploration activity in Angola and seasonal activity and currency declines in Russia. These sequential decreases were partially offset by year-end multiclient license and software sales.
Pretax operating margin of 30.9% was 95 bps higher sequentially on a favorable revenue mix from high-margin multiclient license and software sales.
In addition to contract awards during the fourth quarter, new Reservoir Characterization Group technologies helped meet customer challenges in reducing sub-surface risk, characterizing complex reservoirs and improving well production and reservoir recovery.
In Angola, Wireline technologies were deployed on two interval pressure transient tests for ENI Angola, S.p.A. to assess commercial reserves in a deepwater well. The combination of the MDT* modular formation dynamics tester configured with Saturn* 3D radial probe technology and the InSitu Fluid Analyzer* system helped derive zonal permeabilities with a fast turnaround time using InSitu Viscosity* reservoir fluid measurements. In addition, the larger flow area offered by the Saturn elliptical inlet design led to efficient capture and retrieval of reservoir fluid samples and enabled the customer to save 23 days of rig time by eliminating the need for a full drill stem test.
Saturn 3D technology was also deployed for PEMEX to obtain high quality reservoir fluid samples in a deepwater exploration well in multiple laminated turbiditic sequences offshore Mexico. Saturn technology’s larger flow area and improved sealing capability led to improvements in operational efficiency with the acquisition of fluid samples in three different intervals at mobilities as low as 0.03 mD/cP, and enabled the customer to save up to 40% in fluid sampling time compared with conventional methods.
In Abu Dhabi, Wireline Flow Scanner well production logging and TuffTRAC* cased-hole services tractor technologies were deployed for ZADCO in a multilateral well to measure the production contribution from each lateral section. The TuffTRAC tractor’s modular design allowed access to the main wellbore across complex completion intervals enabling high speed logging along the lateral. This reduced overall conveyance time by 36% compared to conventional methods.
In West Africa, Hess Corporation awarded WesternGeco a second 4D monitor survey using Q-Marine* point-receiver seismic technology over Ceiba, Okume and Oveng fields offshore Equatorial Guinea. This is the third Q-Marine survey acquired over these fields, following the original baseline survey in 2003 and the first 4D monitor survey in 2010.
In the US Gulf of Mexico, a four-vessel crew commenced the customer-funded Revolution X survey in the Garden Banks area. The survey will be acquired using WesternGeco Dual Coil Shooting* multivessel full-azimuth acquisition, Delta* calibrated marine broadband seismic source, and ObliQ* sliding-notch broadband acquisition and imaging technologies for both field development and conventional exploration. Acquisition of the Revolution X survey is expected to be completed in the second quarter of 2015.
(Stated in millions, except margin percentages)
Three Months Ended Growth
Dec. 31, 2014 Sep. 30, 2014 Dec. 31, 2013 Sequential Year-on-year
Revenue $ 4,658 $ 4,821 $ 4,440 -3 % 5 %
Pretax operating income 966 1,045 880 -8 % 10 %
Pretax operating margin 20.7 % 21.7 % 19.8 % -94 bps 91 bps
Sequentially, Drilling Group revenue of $4.7 billion decreased 3% primarily on unfavorable currency effects and activity declines in Russia for Drilling & Measurements and M-I SWACO Technologies. In Mexico, lower Integrated Project Management (IPM) activity due to budgetary constraints also contributed to the decrease.
Pretax operating margin declined 94 bps sequentially to 20.7% mainly due to currency and activity declines in Russia.
During the fourth quarter, new Drilling Group technologies boosted performance through improving drilling efficiency, assuring wellbore integrity and optimizing well placement.
In Australia, Drilling & Measurements GeoSphere* reservoir mapping-while-drilling service was deployed in an infill development drilling campaign consisting of five horizontal development wells and one water injector. In spite of the low resistivity contrast in the reservoir, GeoSphere technology successfully detected multiple resistivity layers, corresponding to different geological interfaces and fluid contacts, at distances in excess of 30 m. In addition, the top of the reservoir was clearly detected, enabling rapid well trajectory adjustments to avoid faults and to deliver maximum reservoir exposure.
Further to optimizing well placement offshore Western Australia, Drilling & Measurements GeoSphere reservoir mapping-while-drilling service was also used to drill horizontal wells with oil columns less than 65-ft thick and horizontal trajectories greater than 8,000 ft. Previously, drilling steerability using conventional directional methods has been a challenge, particularly in the interbedded reservoir. GeoSphere technology enabled the real-time delineation of layers in the reservoir while steering the laterals to achieve maximum contact. As a result, GeoSphere technology delivered timely reservoir-scale information that complemented surface seismic data and helped generate accurate geological cross-sections used to update geological reservoir models.
In Central China, Drilling Group technologies in collaboration with CNPC’s CCDC-DPRI were deployed for PetroChina to improve drilling performance and to set a new record in a shale gas well in the Sichuan province’s ChangNing block. The combination of Drilling & Measurements PowerDrive Archer* high build rate and PowerDrive vorteX* powered rotary steerable technologies with a Smith PDC bit, customized by the IDEAS* integrated platform, drilled the well in 34 days?31% faster than the previous drilling record.
In the Norwegian sector of the North Sea, Drilling & Measurements PowerDrive Orbit* rotary steerable technology was used for Shell to help improve directional control in the 8 1/2-in section of a challenging HPHT well in the deepwater Onyx field. The newly developed pad design and self-steering automation offered by PowerDrive Orbit technology provided controlled steerability which resulted in well verticality below 0.5º, an order of magnitude better than conventional drilling methods. PowerDrive Orbit technology achieved this performance in a single run, which lasted 283 hours?representing the longest drilling run in the field to date.
In Venezuela, Drilling & Measurements PowerDrive Orbit rotary steerable technology was deployed for PDVSA to improve drilling efficiency in high-angle 8 1/2-in well sections in sandstone reservoirs characterized by cross-interbedded layers of hard and soft rock formations. In the past, conventional drilling methods have been challenged by high downhole temperatures and severe stick and slip conditions. Overall, the PowerDrive Orbit system delivered the required directional control and achieved a 100% increase in ROP compared to conventional drilling methods, saving the customer nearly 9 days of rig time.
In Colombia, Drilling Group technologies were deployed for Equion Energia to provide full directional control while drilling a challenging well in the Mirador formation, characterized by highly abrasive and hard sandstone formations. The combination of customized Drilling & Measurements PowerDrive Xceed rotary steerable technology and a Smith bit with ONYX 360* rolling PDC cutter technology enabled accurate steering through the high-dipping and abrasive formation. As a result of these Drilling Group technologies, 927 ft of the well’s 14 3/4-in section was drilled with full directional control, constant ROP, and stable, drilling-free vibration, which had not been possible with conventional drilling methods.
In Western Kazakhstan, Drilling Group technologies were deployed for Zhaikmunai LLP, a member of Nostrum Oil & Gas Group, to drill a challenging 8 ½-in section of a well in the Chinarevskoye field. The combination of StingBlade* conical diamond element and Drilling & Measurements PowerV 675* rotary steerable technologies helped overcome wear in drilling an abrasive carbonate section with up to 40% chert, and achieved a ROP 166% higher than offset wells using conventional drilling methods. As a result, the well section was drilled efficiently and placed optimally, enabling the customer to save six days of drilling time, or approximately $180,000.
(Stated in millions, except margin percentages)
Three Months Ended Growth
Dec. 31, 2014 Sep. 30, 2014 Dec. 31, 2013 Sequential Year-on-year
Revenue $ 4,954 $ 4,697 $ 4,219 5 % 17 %
Pretax operating income 908 857 730 6 % 24 %
Pretax operating margin 18.3 % 18.3 % 17.3 % -3 bps 101 bps
Production Group revenue of $5.0 billion increased 5% sequentially. Improved activity in Western Canada, higher uptake of technology specifically for BroadBand services, continued efficiency improvements, and improved logistics in pressure pumping in North America land accounted for the strong sequential revenue growth. Year-end sales of Completions and Artificial Lift products also contributed to the sequential increase.
Pretax operating margin of 18.3% was flat sequentially as pricing pressure, particularly in the US land market, was offset by an improved volume of activity in Western Canada and by improved efficiency, better fleet utilization, and recovery of logistical costs in the North America land markets.
New Production Group technologies helped meet a number of customer challenges during the fourth quarter in driving operational efficiency and accelerating production.
In Kuwait, Well Intervention technologies were used for Kuwait Oil Company in a large matrix stimulation treatment in a horizontal well in the Managish oil field. Coiled tubing deployed Jet Blaster* jetting scale removal technology enabled filter cake removal and delivered a controlled fluid treatment placement in the extended-reach, openhole section of the well. The high-rate, efficient jetting delivered by Jet Blaster technology also enabled filter cake removal in the well’s challenging toe section, which led to a three-fold increase in treatment fluid injectivity, and a saving in rig time versus plan. As a result of the intervention, the well’s oil production increased significantly compared to offset wells in the same field.
Offshore Congo, Well Services UltraMARINE* high temperature seawater-based fracturing fluid was used for SOCO in the stimulation of a well in the Lidongo field. The post-treatment well test confirmed a 14-fold increase in the well’s productivity index compared to the pre-fracture well test, a result which exceeded the customer’s expectations.
In Atlantic Canada, IPM performed its first light well intervention operation with well access and control technologies for Suncor Energy in a well offshore Newfoundland, using the capabilities of Helix Well Ops (UK) to provide marine support. This first-of-a-kind operation in Canada relied on experienced local and global resources from the various companies, and delivered the operational objectives through integration across GeoMarkets leveraging Schlumberger wireline and slickline technologies.
In Norway, BP Norge AS awarded Schlumberger a long-term contract for the supply of coiled tubing services for various offshore assets. The eight-year contract, with two optional term extensions of one year each, includes the provision of offshore coiled tubing and pressure pumping equipment and associated services.
In Mexico, PEMEX awarded Schlumberger a three-year coiled tubing and nitrogen services contract valued at approximately $160 million over the contract period, representing the largest award in the Multipackage Tender in the Marine region. The award was based on commercial terms, QHSE performance, and the Schlumberger proven offshore technology track record.
Also in Mexico, Schlumberger was awarded a multiyear contract worth $100 million to perform gas conformance operations in the Marine region, with the proprietary FoamSEAL* technology, placed from a dedicated stimulation vessel.
Condensed Consolidated Statement of Income (To view the tables and whole content of the release, please visit )
1) What was the pretax operating income margin and incremental operating margin for the full year 2014?
The pretax operating income margin was 21.8% and the incremental operating margin was 37.2% for the full year 2014.
2) What was the free cash flow as a percentage of income from continuing operations before noncontrolling interests, excluding charges and credits, for the full year 2014?
Free cash flow as a percentage of income from continuing operations before noncontrolling interests, excluding charges and credits, was 84% for the full year 2014.
3) What is the capex guidance for the full year 2015?
Schlumberger capex (excluding multiclient and SPM investments) is expected to be $3.0 billion for 2015. Capex for the full year 2014 was $4.0 billion.
4) What was included in “Interest and other income” for the fourth quarter of 2014?
“Interest and other income” for the fourth quarter of 2014 was $71 million. This amount consisted of earnings of equity method investments of $58 million and interest income of $13 million.
5) How did interest income and interest expense change during the fourth quarter of 2014?
Interest income of $13 million was flat sequentially. Interest expense of $87 million was down $3 million sequentially.
6) What is the difference between the “Pretax operating income” and Schlumberger’s consolidated income before taxes?
The difference consists of such items as corporate items (including charges and credits) and interest income and interest expense not allocated to the segments, as well as interest on postretirement medical benefits, stock-based compensation expense and the amortization expense associated with certain intangible assets.
7) What was the effective tax rate (ETR), excluding charges and credits, for the fourth quarter of 2014?
The ETR for the fourth quarter of 2014, excluding charges and credits, was 21.4% as compared to 22.1% for the third quarter of 2014.
The ETR for the fourth quarter of 2014, including charges and credits, was 55.6%. There were no charges or credits recorded during the third quarter of 2014.
8) How many shares of common stock were outstanding as of December 31, 2014 and how did this change from the end of the previous quarter?
There were 1.275 billion shares of common stock outstanding as of December 31, 2014. The following table shows the change in the number of shares outstanding from September 30, 2014 to December 31, 2014.
(Stated in millions)
Fourth Quarter 2014 Third Quarter 2014
Weighted average shares outstanding 1,282
Assumed exercise of stock options 7
Unvested restricted stock 4
Average shares outstanding, assuming dilution 1,293
What were multiclient sales in the fourth quarter of 2014?
Multiclient sales, including transfer fees, were $194 million in the fourth quarter of 2014 and $93 million in the third quarter of 2014.
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