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42nd Annual Howard Weil Energy Conference
Paal Kibsgaard
Ladies and gentlemen, in closing let me leave you with the following points.
Rising cost levels limited growth in global oil production and range-bound oil prices is putting
pressure on cash flow and profitability in the entire E&P value chain.
These industry-wide challenges can only be addressed by creating a step-change in technical
performance throughout the E&P value chain, by learning from other industries, and by showing
willingness to transform the way we approach our business.
The companies that have the appetite and ability to take on this challenge stand to gain a major
competitive advantage.
In Schlumberger, we see this as a significant opportunity, where we will leverage our ongoing
transformation programs to further strengthen our market position and widen the performance
gap with our competitors.
The scope and magnitude of our ongoing programs is massive; and takes careful upfront planning;
years of steadfast implementation; and significant investments to deliver results; and can
therefore not easily be replicated.
These ongoing changes are starting to contribute to our financial results where we, in 2013, by also
leveraging our other strengths, clearly outperformed our competitors in revenue growth, margin
expansion, EPS growth and free cash flow generation.
The impact of our transformation programs will increase, and this together with the breadth of
our offering, the reach of our global footprint, and the strength of our workforce puts us in a great
position to extend the trend of outperformance going forward.
This is why I am proud of working for Schlumberger and why I believe Schlumberger represents a
great investment proposition.
Thank you.
