Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard Chief Executive Officer New Orleans, March 23, 2015
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Thank you and good morning ladies and gentlemen. Let me start by thanking Scotia Howard Weil, and Bill Sanchez in particular, for the invitation to speak here…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Starting with the macro, I will focus my comments on the oil market, as the current dynamics in the gas- markets are not expected to change significantly in…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Looking next at global oil supply, we have witnessed two clearly diverging trends in recent years. In North America, the extraordinary rise in tight-oil…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 It seems clear that OPEC is determined to test the resilience of high-cost producers around the world, and particularly in North America, by letting the market…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Let us next take a closer look at the link between E&P capex and supply growth, and what this means for the oil price outlook. In North America, we have seen…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Based on this, full-year North American production will still grow in 2015, but will likely be down in 2016, leaving a supply gap that needs to be filled by…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 The significant profitability and cash-flow challenges facing the E&P industry today are driven by escalating costs-per-barrel for new hydrocarbon…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 This includes seeking new solutions to reduce costs and increase value for future projects, by creating a step- change in both technical and financial…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Tight-oil production in the US has increased more than six-fold in the past five years. These impressive results have been achieved by an unprecedented growth…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 We therefore believe that the biggest opportunity going forward will be to significantly improve production per well. After having doubled the horizontal…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 And, based on the confidence we now have in our shale technologies and expertise, we are also prepared to move to more risk-based business models, both for new…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 In spite of this set-back in activity and investments, we firmly believe that the industry will come up with new development solutions that will reduce…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 In addition to these cost savings, deepwater developments also hold significant upside potential in terms of production and reserves, with recovery factors…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Conventional land and shallow-water developments, with their lower capex intensity, will likely see increased investment levels in the coming years as the…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Since the 2010 acquisition of Smith International, our Drilling Group has become Schlumbergers largest in terms of revenue, with a complete range of…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Add to this a brand new drilling optimization software, built on big data analytics from the 70 million feet we drill every year, coupled with an upgraded…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Last year we served 6,500 customers in 85 countries, drilled more than 70 million feet and recorded more than 12 million operating hours, spanning a full range of…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 The chart clearly shows that from 2010 to 2014, the growth in pre-tax operating income for the 20 largest oilfield service companies has been on par with the…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 In Russia, conventional land activity in Western Siberia continues to be resilient, but our earnings contribution from Russia will remain subdued until we see a…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Based on our outlook for the oilfield services market, our favorable international leverage, the acceleration of our Transformation program, the breadth and…
Scotia Howard Weil 2015 Energy Conference Paal Kibsgaard March 23, 2015 Ladies and gentlemen, in conclusion, I would like to make the following points. The current industry challenges are structural and will not disappear even if…
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