Revenue $5,999.98 million (-5%)
Pretax income $1,192.46 million (-26%)
Net income $938.46 million (-30%)
EPS $0.78 (-28.5%)
Oilfield Services revenues were down 3% y-o-y and WesterGeco's(seismic division) revenues 18%.
Balance sheet
Assets
Current $13,934.45 million
Total $32,997.14 million (goodwill $5,118.96 million)
Liabilities
Current $7,702.54 million
Total $15,312.34 million
Equity $17,684.79 million
P/B 3.36 P/E 11.18
Outlook
"Our visibility on 2009 has not materially changed from the end of the fourth quarter. We do not see any significant recovery in North American gas drilling before 2010. Overseas, while activity declines will be limited,
customers are actively seeking and are obtaining price relief to improve the economics of current projects. At the same time, exploration expenditures are being deferred in favor of projects that produce immediate cash
flow. However, we are encouraged to see offshore deepwater activity resisting fairly well to the current budget cuts.
As we indicated in our fourth-quarter comments, longer term we remain convinced that any demand recovery for oil will need to be accompanied by increased investment to offset decline in the ageing production base.”"
The report and supporting materials are located here.
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