‘The End of Football’ is Manchester City and Xylem’s latest effort to educate one billion people globally about urgent water challenges
RYE BROOK, N.Y-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Manchester City stars Sergio Agüero, Phil Foden and Raheem Sterling all feature in an emotive new short film that aims to bring home the reality of the global water crisis to football fans across the world. Released on World Conservation Day, ‘The End of Football’ is the latest campaign by global water technology company, Xylem (NYSE:XYL) and Manchester City, to drive awareness of escalating water challenges among the Club’s huge fan base.
For many football fans the reality of living with extreme water scarcity is now just one generation away. The latest UN data estimates that almost 5 billion people globally could be living in areas of water scarcity by 20501. The UK Environmental Protection Agency forecasts that, due to mounting pressures such as increased demand, aging infrastructure and climate change, parts of England could run out of water by 2045 – a warning echoed in a recent UK Public Accounts Committee report on the country’s water supplies2.
The End of Football film, featuring multiple Manchester City footballers, aims to capture the imagination of football fans by depicting a world without water. Filmed in the Club’s iconic Etihad Stadium, the video highlights the detrimental impact that water complacency can have on society, including football, as it tracks one girl’s journey as a Manchester City fan.
Patrick Decker, Xylem President and Chief Executive Officer, said: “Water sits at the heart of human health and the sustainability of our planet. Through our partnership with City Football Group, we’re focused on mobilizing the global community to actively join us in safeguarding this precious resource. Together, we have a powerful opportunity to turn the tide on challenges like water scarcity and flooding and build a water-secure future.”
Pete Bradshaw, Head of Sustainability at Manchester City, said: “Xylem is doing incredible work to address water sustainability issues and Manchester City is proud to support them in this new campaign.”
Joseph Vesey, Senior Vice President and Chief Marketing Officer at Xylem, added: “Though the End of Football campaign was conceived and shot before the coronavirus pandemic brought a temporary halt to football, the message behind the campaign has never been more appropriate. With the support of the Club and its legions of fans, we have the power to elevate the conversation on water conservation and create a more sustainable future for all.”
Fans can learn more about water conservation through the Manchester City ‘Water Hero Playbook’, which contains simple, everyday actions on saving water – along with advice from public officials and industry – to protect our future and the future of football.
As part of its multi-year partnership with Manchester City, Xylem has partnered with the Club to deliver clean water towers, WASH education, and sports and leadership training to communities around the world. In less than two years, the partnership has already directly provided access to clean water and WASH education to over 10,000 children across India, Thailand, China, Australia and the United States.
Global sports marketing agency SPORTFIVE and its creative agency partner Brave developed and produced the End of Football campaign. As Xylem’s retained agency, SPORTFIVE has been helping the global water technology company and Manchester City FC to raise awareness of water complacency since 2018.
About Xylem
Xylem (XYL) is a leading global water technology company committed to developing innovative technology solutions to the world’s water challenges. The Company’s products and services move, treat, analyze, monitor and return water to the environment in public utility, industrial, residential and commercial building services settings. Xylem also provides a leading portfolio of smart metering, network technologies and advanced infrastructure analytics solutions for water, electric and gas utilities. The Company’s more than 16,000 employees bring broad applications expertise with a strong focus on identifying comprehensive, sustainable solutions. Headquartered in Rye Brook, New York, with 2019 revenue of $5.25 billion, Xylem does business in more than 150 countries through a number of market-leading product brands. For more information, please visit us at www.xylem.com.
About Xylem Watermark
Xylem Watermark, the company’s corporate citizenship program, was initiated in 2008, with a focus on protecting and providing safe water resources for communities around the world and also educating people on water related issues. In 2016, Xylem Watermark launched a three-year program focusing on employee volunteerism globally to drive rapid growth in employee engagement in providing social value within our communities.
About Manchester City Football Club
Manchester City FC is an English Premier League club initially founded in 1880 as St Mark’s West Gorton. It officially became Manchester City FC in 1894 and has since then gone onto win the European Cup Winners’ Cup, six League Championship titles, including four Premier League titles (2012, 2014, 2018, 2019), and six FA Cups. Manchester City FC is one of nine clubs comprising the City Football Group and counts New York City FC and Melbourne City FC among its sister clubs.
Under manager Pep Guardiola, one of the most highly decorated managers in world football, the Club plays its domestic and UEFA Champions League home fixtures at the Etihad Stadium, a spectacular 55,000 seat arena that City have called home since 2003. Today, the Stadium sits on the wider Etihad Campus, which also encompasses the City Football Academy, a state-of-the-art performance training and youth development facility located in the heart of East Manchester. Featuring a 7,000 capacity Academy Stadium, the City Football Academy is also where Manchester City Women’s Football Club and the Elite Development Squad train on a daily basis and play their competitive home games.
For more information, please visit www.mancity.com
About SPORTFIVE
SPORTFIVE is a global partnership marketing agency fuelled by the expertise, experience and privileged access of a global leader in sports, entertainment, media and lifestyle.
We help brands engage with their audiences and fans through partnerships, as we believe that partnering with things that people truly care about is the best way for brands to remain relevant and impactful.
About Brave
Brave is an award-winning creative agency that de-risks commercial decision-making by being creatively courageous, strategically forensic, digitally progressive, data smart and behaviour driven. We make progressive ideas feel safe – through a belief that creativity and data have a complementary relationship. We pioneered the use of biometrics through the development of our proprietary ‘Bravery Index’ tool. This has helped us optimise our work ever since, by letting us emotionally test, qualify and validate our campaigns for a greater chance of enjoying commercial success.
In 2017 Brave was acquired by SPORTFIVE , which provides a global footprint and access to the world’s most sought-after rights holders, talent, OTT (streaming) platforms/broadcasters and brands. Brave have taken the stage at prestigious events all over the world including; Cannes Lions, Advertising Week, IAB Engage, Eurobest and Dubai Lynx. For more information, find us at Brave.co.uk.
__________________
1 https://www.wateraid.org/uk/media/un-warns-around-5-billion-people-could-face-water-shortages-by-2050-wateraid-response
2 https://www.nao.org.uk/press-release/water-supply-and-demand-management/
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005532/en/
Contacts
Houston Spencer
+1 (914) 240-3046
Houston.Spencer@xyleminc.com
Olivia Dempsey
+353 (0) 85 118-2288
Olivia.Dempsey@edelman.com
Permalink : https://www.aetoswire.com/news/manchester-cityrsquos-aguumlero-foden-sterling-and-others-feature-in-new-film-highlighting-the-growing-threat-of-global-water-shortages/en
Thursday, July 30, 2020
REDAVIA Deploys First Solar Farm in Kenya at Menengai Farmers Ltd
MUNICH & NAIROBI, Kenya-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- REDAVIA, a global market leader of cost-effective, reliable, and clean solar power for businesses, deployed its first solar farm in Kenya for Menengai Farmers Ltd tea farm in Tigoni.
For the first 20 years of its operations, Menengai Farmers Ltd successfully grew tea without any large electrical demands. However, in the mid-80’s, weather patterns in Tigoni changed requiring the installation of an irrigation system. As the tea farm and irrigation system have grown, so have Menengai Farmer Ltd’s energy needs, putting a strain on their operational budget.
Menengai Farmers Ltd turned to REDAVIA for a cost-efficient solution. REDAVIA provides solar energy under a flexible lease contract, enabling Menengai Farmers Ltd to reduce costs and increase their operational flexibility.
Designed for maximum ease, REDAVIA’s contract also includes installation, maintenance, and 24/7 technical monitoring. REDAVIA’s onsite engineers deployed the solar ground mount unit at the Menengai Farmers Ltd site. After a smooth deployment and early operation period, both parties are already planning to scale up the solar farm with a second phase of energy storage, allowing for independence from the national grid.
“We are happy to have found a company to manage the electrical costs of our irrigation system,” said Gideon Katiku, Farm Manager of Menengai Farmers Ltd. “The savings we make with REDAVIA will allow us to continue to grow our farm.”
Erwin Spolders, CEO & founder of REDAVIA, confirms, “Solar power reduces costs, generating savings that can be reinvested into the business, while also reducing the carbon footprint of the business. It’s a win-win scenario.”
About Menengai Farmers Ltd
Menengai Farmers Ltd was incorporated on 21st May 1964 and lies on 320 acres of land. The company specializes in the mass farming of tea leaves, which are then delivered to Maramba Tea Factory (a subsidiary of Menengai Farmers Ltd) for processing and packaging and sold to both local and export markets.
About REDAVIA
REDAVIA offers solar power for businesses in West and East Africa. The REDAVIA system is based on a pre-configured model, including high-performance solar modules and electrical components. It is easy to ship, set up, scale, and redeploy. Businesses benefit from a cost-effective, reliable, clean energy solution with minimal upfront investment or technical skills. Find out more at www.redaviasolar.com
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200729005045/en/
Contacts
Press Contact:
REDAVIA
Ann Karimi
+49 89 2426 8869
+254 (0) 703 458761
a.karimi@redaviasolar.com
Permalink : https://www.aetoswire.com/news/redavia-deploys-first-solar-farm-in-kenya-at-menengai-farmers-ltd/en
(BUSINESS WIRE) -- REDAVIA, a global market leader of cost-effective, reliable, and clean solar power for businesses, deployed its first solar farm in Kenya for Menengai Farmers Ltd tea farm in Tigoni.
For the first 20 years of its operations, Menengai Farmers Ltd successfully grew tea without any large electrical demands. However, in the mid-80’s, weather patterns in Tigoni changed requiring the installation of an irrigation system. As the tea farm and irrigation system have grown, so have Menengai Farmer Ltd’s energy needs, putting a strain on their operational budget.
Menengai Farmers Ltd turned to REDAVIA for a cost-efficient solution. REDAVIA provides solar energy under a flexible lease contract, enabling Menengai Farmers Ltd to reduce costs and increase their operational flexibility.
Designed for maximum ease, REDAVIA’s contract also includes installation, maintenance, and 24/7 technical monitoring. REDAVIA’s onsite engineers deployed the solar ground mount unit at the Menengai Farmers Ltd site. After a smooth deployment and early operation period, both parties are already planning to scale up the solar farm with a second phase of energy storage, allowing for independence from the national grid.
“We are happy to have found a company to manage the electrical costs of our irrigation system,” said Gideon Katiku, Farm Manager of Menengai Farmers Ltd. “The savings we make with REDAVIA will allow us to continue to grow our farm.”
Erwin Spolders, CEO & founder of REDAVIA, confirms, “Solar power reduces costs, generating savings that can be reinvested into the business, while also reducing the carbon footprint of the business. It’s a win-win scenario.”
About Menengai Farmers Ltd
Menengai Farmers Ltd was incorporated on 21st May 1964 and lies on 320 acres of land. The company specializes in the mass farming of tea leaves, which are then delivered to Maramba Tea Factory (a subsidiary of Menengai Farmers Ltd) for processing and packaging and sold to both local and export markets.
About REDAVIA
REDAVIA offers solar power for businesses in West and East Africa. The REDAVIA system is based on a pre-configured model, including high-performance solar modules and electrical components. It is easy to ship, set up, scale, and redeploy. Businesses benefit from a cost-effective, reliable, clean energy solution with minimal upfront investment or technical skills. Find out more at www.redaviasolar.com
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200729005045/en/
Contacts
Press Contact:
REDAVIA
Ann Karimi
+49 89 2426 8869
+254 (0) 703 458761
a.karimi@redaviasolar.com
Permalink : https://www.aetoswire.com/news/redavia-deploys-first-solar-farm-in-kenya-at-menengai-farmers-ltd/en
Moody’s Announces Environmental Sustainability Commitments
NEW YORK -Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Moody’s Corporation (NYSE:MCO) today announced that it has established new environmental sustainability commitments and progress milestones, including plans for expanding its carbon neutrality and procuring 100% renewable electricity, as well as target goals for reducing its greenhouse gas (GHG) emissions.
“Contributing to an environmentally sustainable global future is a key business objective for Moody’s,” said Mark Kaye, Chief Financial Officer of Moody’s Corporation. “We are proud of the work we’ve done to enhance our environmental sustainability and will continue to expand and enhance our efforts to integrate best practices throughout our business, using science-based targets.”
Moody’s new environmental sustainability milestones and targets are as follows:
Carbon neutrality
Moody’s achieved carbon neutrality for the first time in 2019 and is committed to remaining carbon neutral on an annual basis by mitigating emissions, as set by its science-based targets, and purchasing verified carbon offsets for residual emissions from its operations, employee commuting and business travel. In addition, Moody’s will retroactively offset its GHG emissions from September 2000, when Moody’s became a public company, to December 2018. This will be completed by 2040 through the purchase of verified carbon offsets.
Moody's intends to reach net-zero emissions by 2050, consistent with its commitment to the United Nations Global Compact (UNGC) Business Ambition for 1.5°C.
Renewable energy
In 2019, Moody’s renewable energy comprised 11% of its total global electricity usage, which included 100% renewable electricity in its London, Frankfurt and Edinburgh offices. Beginning in 2020, Moody’s will be procuring 100% renewable electricity for its global operations by increasing its contracts with utility suppliers whose electricity originates from a renewable source where possible and purchasing unbundled renewable energy certificates.
Science-based targets
Moody’s targets for reducing its GHG emissions focus on three key commitments: 1) reduce absolute scope 1 and scope 2 GHG emissions 50% by 2030 from a 2019 base year, 2) reduce absolute scope 3 GHG emissions from fuel and energy related activities, business travel and employee commuting 15% by 2025 from a 2019 base year, and 3) 60% of its suppliers by spend covering purchased goods and services and capital goods to have science based targets by 2025.
Moody’s targets were validated this month by the Science Based Targets initiative, a collaboration between CDP, UNGC, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), that is seeking to reduce corporate GHG emissions.
To learn more about Moody’s efforts and commitment to advance environmental sustainability in its global value chain, business offerings and communities, read the company’s 2019 CSR Report and visit Moody’s ESG & Climate Risk Hub.
ABOUT MOODY’S CORPORATION
Moody’s (NYSE:MCO) is a global integrated risk assessment firm that empowers organizations to make better decisions. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information open the door to shared progress. With over 11,300 employees in more than 40 countries, Moody’s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com/about.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005987/en/
Contacts
SHIVANI KAK
Investor Relations
212.553.0298
shivani.kak@moodys.com
JORDAN BRUECKNER
Communications
212.553.7931
jordan.brueckner@moodys.com
Permalink : https://www.aetoswire.com/news/moodyrsquos-announces-environmental-sustainability-commitments/en
Western Union Expands in the Philippines with Cebuana Lhuillier
2,500+ Locations of the Philippines Largest Microfinancial Services Company, Cebuana Lhuillier, To Offer Western Union Money Transfer Services
DENVER & MANILA-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Western Union (NYSE:WU), a global leader in cross-border, cross-currency money movement and payments, and Cebuana Lhuillier, the largest and long-tenured microfinancial service provider in the Philippines, have come together to enable customers in the Philippines to send and receive Western Union money transfers.
The significant collaboration with Cebuana Lhuillier adds 2,500 more locations to Western Union’s global network and will provide greater access to customers in the world’s fourth largest remittance receiving country. Money transfer customers accessing Cebuana Lhuillier’s nationwide branch network will be able to send or receive money via Western Union’s global network in more than 200 countries and territories. The services are expected to be rolled out in the coming weeks.
“Western Union and Cebuana Lhuillier understand the importance of connectivity and building relationships, while keeping customers at their core. This strategic collaboration and integration of capabilities of two leaders highlights the power of combined assets to meet customer’s needs,” said Jean Claude Farah, President, Global Network, Western Union.
Farah added, “In an age when speed, reliability and convenience mean everything, we are increasing the number of touchpoints where our customers can access our services and connect with their loved ones around the world. We welcome Cebuana Lhuillier to the Western Union family and are proud and excited to work collaboratively to reach more customers together.”
After successfully serving Filipinos for decades offering vital financial services, the two companies have joined forces to advance cross-border money movement for customers in the Philippines. This alliance supports Western Union’s strategy to leverage its platform and portfolio of capabilities, enabling other businesses looking to expand their global reach and build upon a robust partnership. The cooperation between the two companies also puts forward Cebuana Lhuillier’s vision of empowering Filipinos through financial services.
“This partnership with Western Union is a prudent step in ensuring accessibility for the millions of Filipinos around the world and in paving the way for a future-proof network with presence in almost all parts of the globe,” said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier.
“We are more than thrilled to collaborate with Western Union as their company values line up perfectly with our core of facilitating financial inclusion for the underserved Filipinos and expanding our reach makes that all the more possible,” added Lhuillier.
Cebuana Lhuillier is a one-stop shop that offers microfinancial services to over 30 million clients through its more than 2,500 branches with 20,000 domestic partners and 1.7 million physical and virtual touchpoints. The company is also acting as a cash agent for Cebuana Lhuillier Rural Bank and has since provided a bank account to 4 million previously unbanked Filipinos since the launch of the rural bank’s revolutionary product Cebuana Lhuillier Micro Savings.
Western Union serves customers globally from a fast-growing digital network of web, app, and the largest Agent retail locations across the world. In addition, Western Union’s global payout network includes billions of bank accounts and wallets offering unparalleled convenience to families and loved ones sending money to the Philippines. In the Philippines, customers will soon be able to send and receive through Cebuana Lhuillier and may check the Agent Locator link for the status of their nearest locations.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2020, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends, and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
About Cebuana Lhuillier
P.J. Lhuillier, Inc. (PJLI) is the proud parent company of Cebuana Lhuillier, the Philippines’ largest microfinancial services provider that offers pawning, remittance, micro insurance, bills payment, e-load, business-to-business solutions services, and micro savings and other banking services through their banking arm, the Cebuana Lhuillier Rural Bank. For more than 30 years, Cebuana Lhuillier continuously provides fast, easy, secure, and convenient microfinancial products and services to more than 30 million customers through over 2,500 branches nationwide. The company has also expanded its services into the digital space through the eCebuana App, a product of the Cebuana Lhuillier Rural Bank, and a host of other financial platforms such as Cebuana From Home, ProtectNow.com and the Cebuana Lhuillier Jewelry website.
Cebuana Lhuillier is committed to its purpose of bringing financial inclusion to the majority of Filipinos and has remained at the forefront of its industry through its many product innovations and leadership in customer service. Its commitment to excellence has given rise to many countless accolades and recognitions here and abroad.
WU-G
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005065/en/
Contacts
Media Contacts:
Western Union Global Communications
Pia De Lima: pia.delima@wu.com
Western Union Asia-Pacific
Karen Santos: Karen.Santos2@westernunion.com
Cebuana Lhuillier
Melanie Suzon: mmsuzon@pjlhuillier.com
Permalink : https://www.aetoswire.com/news/western-union-expands-in-the-philippines-with-cebuana-lhuillier/en
DENVER & MANILA-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Western Union (NYSE:WU), a global leader in cross-border, cross-currency money movement and payments, and Cebuana Lhuillier, the largest and long-tenured microfinancial service provider in the Philippines, have come together to enable customers in the Philippines to send and receive Western Union money transfers.
The significant collaboration with Cebuana Lhuillier adds 2,500 more locations to Western Union’s global network and will provide greater access to customers in the world’s fourth largest remittance receiving country. Money transfer customers accessing Cebuana Lhuillier’s nationwide branch network will be able to send or receive money via Western Union’s global network in more than 200 countries and territories. The services are expected to be rolled out in the coming weeks.
“Western Union and Cebuana Lhuillier understand the importance of connectivity and building relationships, while keeping customers at their core. This strategic collaboration and integration of capabilities of two leaders highlights the power of combined assets to meet customer’s needs,” said Jean Claude Farah, President, Global Network, Western Union.
Farah added, “In an age when speed, reliability and convenience mean everything, we are increasing the number of touchpoints where our customers can access our services and connect with their loved ones around the world. We welcome Cebuana Lhuillier to the Western Union family and are proud and excited to work collaboratively to reach more customers together.”
After successfully serving Filipinos for decades offering vital financial services, the two companies have joined forces to advance cross-border money movement for customers in the Philippines. This alliance supports Western Union’s strategy to leverage its platform and portfolio of capabilities, enabling other businesses looking to expand their global reach and build upon a robust partnership. The cooperation between the two companies also puts forward Cebuana Lhuillier’s vision of empowering Filipinos through financial services.
“This partnership with Western Union is a prudent step in ensuring accessibility for the millions of Filipinos around the world and in paving the way for a future-proof network with presence in almost all parts of the globe,” said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier.
“We are more than thrilled to collaborate with Western Union as their company values line up perfectly with our core of facilitating financial inclusion for the underserved Filipinos and expanding our reach makes that all the more possible,” added Lhuillier.
Cebuana Lhuillier is a one-stop shop that offers microfinancial services to over 30 million clients through its more than 2,500 branches with 20,000 domestic partners and 1.7 million physical and virtual touchpoints. The company is also acting as a cash agent for Cebuana Lhuillier Rural Bank and has since provided a bank account to 4 million previously unbanked Filipinos since the launch of the rural bank’s revolutionary product Cebuana Lhuillier Micro Savings.
Western Union serves customers globally from a fast-growing digital network of web, app, and the largest Agent retail locations across the world. In addition, Western Union’s global payout network includes billions of bank accounts and wallets offering unparalleled convenience to families and loved ones sending money to the Philippines. In the Philippines, customers will soon be able to send and receive through Cebuana Lhuillier and may check the Agent Locator link for the status of their nearest locations.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2020, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends, and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
About Cebuana Lhuillier
P.J. Lhuillier, Inc. (PJLI) is the proud parent company of Cebuana Lhuillier, the Philippines’ largest microfinancial services provider that offers pawning, remittance, micro insurance, bills payment, e-load, business-to-business solutions services, and micro savings and other banking services through their banking arm, the Cebuana Lhuillier Rural Bank. For more than 30 years, Cebuana Lhuillier continuously provides fast, easy, secure, and convenient microfinancial products and services to more than 30 million customers through over 2,500 branches nationwide. The company has also expanded its services into the digital space through the eCebuana App, a product of the Cebuana Lhuillier Rural Bank, and a host of other financial platforms such as Cebuana From Home, ProtectNow.com and the Cebuana Lhuillier Jewelry website.
Cebuana Lhuillier is committed to its purpose of bringing financial inclusion to the majority of Filipinos and has remained at the forefront of its industry through its many product innovations and leadership in customer service. Its commitment to excellence has given rise to many countless accolades and recognitions here and abroad.
WU-G
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005065/en/
Contacts
Media Contacts:
Western Union Global Communications
Pia De Lima: pia.delima@wu.com
Western Union Asia-Pacific
Karen Santos: Karen.Santos2@westernunion.com
Cebuana Lhuillier
Melanie Suzon: mmsuzon@pjlhuillier.com
Permalink : https://www.aetoswire.com/news/western-union-expands-in-the-philippines-with-cebuana-lhuillier/en
Wednesday, July 29, 2020
CSC Becomes First Foreign-Owned Company to Receive Domain Registrar License in China
Accreditation enables organization to provide domain registration and management services to local and global companies doing business in China
WILMINGTON, Del.-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- CSC, a world leader in business, legal, tax, and domain security, today announced it’s the first foreign-owned domain registrar accredited by the Shanghai Communications Administration, through the Ministry of Industry and Information Technology of the People’s Republic of China (MIIT). This accreditation attests to CSC’s ability to provide approved services to both local and global companies doing business in China.
On November 1, 2017, MIIT’s revised “Internet Domain Name Regulation” took effect to better protect the rights and interests of internet users, and to ensure a secure and stable operation of the domain name system in China. MIIT requires that every website on a domestic server obtains an internet content provider (ICP) license, and uses a compliant domain name that’s registered through accredited registries and registrars under the revised regulation.
Although some foreign domain name registries have been licensed, to date, only Chinese-owned registrars have obtained the new license under the regulation. CSC’s success in becoming licensed as a foreign-owned registrar positions the company as a go-to resource for global organizations doing business in China.
“We have been working closely with MIIT and the Shanghai Communications Administration to clarify and understand the intricacies of their policy. This accreditation is pivotal for CSC, as we can now assist global corporations in managing their domain portfolio in this critical market in-house,” said Alban Kwan, CSC East Asia regional director. “This gives us more control in helping our clients with compliance issues in China and showcases our strong understanding of Chinese policy and our commitment to the market.”
CSC is a globally accredited registrar, and this MIIT accreditation ensures that CSC is able to provide comprehensive domain name registrations across registries in compliance with local requirements. Companies managing their domain name portfolios through CSC have complete oversight of their assets, and their domains are secure.
About CSC
CSC is the trusted provider of choice for the Forbes Global 2000 and the 100 Best Global Brands® in enterprise domain names, domain name system (DNS), digital certificate management, as well as digital brand and fraud protection. As global companies make significant investments in their security posture, CSC can help them understand known security blind spots and help them secure their digital assets. By leveraging CSC’s proprietary solutions, companies can get secure against cyber threats to their online assets, helping them avoid devastating revenue loss, brand reputation damage, or significant financial penalties because of policies like the General Data Protection Regulation. CSC also provides online brand protection—online brand monitoring plus enforcement activities—taking a holistic approach to digital asset protection, along with fraud protection services to combat phishing. Headquartered in Wilmington, Delaware, USA, since 1899, CSC has offices throughout the United States, Canada, Europe, and the Asia-Pacific. CSC is a global company capable of doing business wherever our clients are, and we accomplish that by employing experts in every business we serve. Visit cscdbs.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005641/en/
Contacts
Letitia Thian
Marketing Manager, APAC
+65 6671 0281
letitia.thian@cscglobal.com
CSC® News Room
Permalink : https://www.aetoswire.com/news/csc-becomes-first-foreign-owned-company-to-receive-domain-registrar-license-in-china/en
WILMINGTON, Del.-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- CSC, a world leader in business, legal, tax, and domain security, today announced it’s the first foreign-owned domain registrar accredited by the Shanghai Communications Administration, through the Ministry of Industry and Information Technology of the People’s Republic of China (MIIT). This accreditation attests to CSC’s ability to provide approved services to both local and global companies doing business in China.
On November 1, 2017, MIIT’s revised “Internet Domain Name Regulation” took effect to better protect the rights and interests of internet users, and to ensure a secure and stable operation of the domain name system in China. MIIT requires that every website on a domestic server obtains an internet content provider (ICP) license, and uses a compliant domain name that’s registered through accredited registries and registrars under the revised regulation.
Although some foreign domain name registries have been licensed, to date, only Chinese-owned registrars have obtained the new license under the regulation. CSC’s success in becoming licensed as a foreign-owned registrar positions the company as a go-to resource for global organizations doing business in China.
“We have been working closely with MIIT and the Shanghai Communications Administration to clarify and understand the intricacies of their policy. This accreditation is pivotal for CSC, as we can now assist global corporations in managing their domain portfolio in this critical market in-house,” said Alban Kwan, CSC East Asia regional director. “This gives us more control in helping our clients with compliance issues in China and showcases our strong understanding of Chinese policy and our commitment to the market.”
CSC is a globally accredited registrar, and this MIIT accreditation ensures that CSC is able to provide comprehensive domain name registrations across registries in compliance with local requirements. Companies managing their domain name portfolios through CSC have complete oversight of their assets, and their domains are secure.
About CSC
CSC is the trusted provider of choice for the Forbes Global 2000 and the 100 Best Global Brands® in enterprise domain names, domain name system (DNS), digital certificate management, as well as digital brand and fraud protection. As global companies make significant investments in their security posture, CSC can help them understand known security blind spots and help them secure their digital assets. By leveraging CSC’s proprietary solutions, companies can get secure against cyber threats to their online assets, helping them avoid devastating revenue loss, brand reputation damage, or significant financial penalties because of policies like the General Data Protection Regulation. CSC also provides online brand protection—online brand monitoring plus enforcement activities—taking a holistic approach to digital asset protection, along with fraud protection services to combat phishing. Headquartered in Wilmington, Delaware, USA, since 1899, CSC has offices throughout the United States, Canada, Europe, and the Asia-Pacific. CSC is a global company capable of doing business wherever our clients are, and we accomplish that by employing experts in every business we serve. Visit cscdbs.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005641/en/
Contacts
Letitia Thian
Marketing Manager, APAC
+65 6671 0281
letitia.thian@cscglobal.com
CSC® News Room
Permalink : https://www.aetoswire.com/news/csc-becomes-first-foreign-owned-company-to-receive-domain-registrar-license-in-china/en
Aspect Announces General Availability of Aspect Unified IP 7.4 SP1, the Premier Enterprise Contact Center Solution for High Volume Customer Outreach
The gold standard for outbound campaign management and compliance
WESTFORD, Mass.-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Today, Aspect announced the general availability of Aspect® Unified IP® and Advanced List Management™ 7.4 SP1, the latest release of its comprehensive, omnichannel customer engagement platform for managing experiences across service, collections and sales. This upgrade provides major enhancements in usability to deliver a modern user experience, making it easier to use for agents, managers and administrators use. The 7.4 SP1 release also builds upon Aspect’s outbound market leadership by adding new capabilities to help customers operate outbound contact centers efficiently, effectively and in compliance with national, regional and local regulations.
“Aspect Unified IP is the premier inbound and outbound enterprise contact center solution available in the market, and has been for over 14 years. The world’s top brands depend on Unified IP every day, and we are committed to continued development and offering new capabilities to help companies build lifetime loyalty among their consumers,” said Michael Harris, Chief Product Officer and CMO at Aspect.
Aspect Unified IP and Advanced List Management deliver advanced customer engagement capabilities that drive profitability and customer loyalty for many of the largest enterprises in financial, communications, retail, healthcare, and customer service around the world. Aspect remains committed to building upon and maintaining this essential platform. This release features improvements to the user interface such as:
Improves the user interface for agents, managers and administrators into a consolidated, intuitive design across a variety of functions
Provides managers, supervisors and administrators an improved user experience with quicker access to configuration tools, real-time data and alerts
Refreshing third party tech so customers can stay current with security, compliance and IT protocols
“Aspect Unified IP provides best-in-class functionality and uptime for our entire organization including collections, customer service, back office, loan origination, and service desk. It is both an effective and efficient solution for our contact center and customer engagement needs,” said Michael Montgomery, VP Contact Center Solutions Exeter Finance
In the face of a global recession, the importance of outbound dialing and collections will steadily rise across industries. Aspect offers the only comprehensive outbound contact center solutions that allow the world’s largest organizations to effectively conduct proactive outreach activities while maintaining compliance with complicated regional, local, and national regulatory requirements. Aspect Unified IP and Advanced List Management are well equipped to help organizations adapt to the new challenges posed by this recession, and with the 7.4 SP1 release, additional capabilities have been added to ALM’s extensive tool set such as:
Functionality to help improve operational efficiency, allowing organizations to smooth out dialing and reach more customers in a shorter period of time
Goal-driven rules to ensure dialing aligns with an overall outreach strategy
Security and auditing features to help maintain compliance with relevant regulations
The ability to play specific messages for each attempt, creating more effective customer experiences while improving operational efficiency by minimizing repeat interactions
“City of Mesa has been on the Aspect Unified IP platform for six-plus years now since upgrading from legacy Aspect CallCenter® ACD. Like its predecessor, it has been a rock solid/stable platform in support of both standard hours and 24x7 services. The ease of being able to stand up new departments on the platform for remote workers during this time has proven to be invaluable,” said Richard Sandoval, Senior Unified Communications Engineer City of Mesa.
FIND OUT MORE about Aspect Unified IP and Advanced List Management.
About Aspect
Aspect is on a mission to simplify and improve customer engagement. Our enterprise software is used by millions of agents every year and supports billions of consumer interactions around the world. Our best-of-breed contact center and workforce optimization applications help companies keep agents engaged while providing exceptional customer service experiences. Our flexible, highly scalable solutions for self-service and live interaction management and workforce optimization are available on-premises or in any hosted, private or public cloud environment.
For more information, visit www.aspect.com. Follow Aspect on Twitter at @AspectSoftware. Read our blogs at http://blogs.aspect.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200729005568/en/
Contacts
Michael Harris, Aspect Software CMO
602-586-5810
press.inquiry@aspect.com
Permalink : https://www.aetoswire.com/news/aspect-announces-general-availability-of-aspect-unified-ip-74-sp1-the-premier-enterprise-contact-center-solution-for-high-volume-customer-outreach/en
WESTFORD, Mass.-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Today, Aspect announced the general availability of Aspect® Unified IP® and Advanced List Management™ 7.4 SP1, the latest release of its comprehensive, omnichannel customer engagement platform for managing experiences across service, collections and sales. This upgrade provides major enhancements in usability to deliver a modern user experience, making it easier to use for agents, managers and administrators use. The 7.4 SP1 release also builds upon Aspect’s outbound market leadership by adding new capabilities to help customers operate outbound contact centers efficiently, effectively and in compliance with national, regional and local regulations.
“Aspect Unified IP is the premier inbound and outbound enterprise contact center solution available in the market, and has been for over 14 years. The world’s top brands depend on Unified IP every day, and we are committed to continued development and offering new capabilities to help companies build lifetime loyalty among their consumers,” said Michael Harris, Chief Product Officer and CMO at Aspect.
Aspect Unified IP and Advanced List Management deliver advanced customer engagement capabilities that drive profitability and customer loyalty for many of the largest enterprises in financial, communications, retail, healthcare, and customer service around the world. Aspect remains committed to building upon and maintaining this essential platform. This release features improvements to the user interface such as:
Improves the user interface for agents, managers and administrators into a consolidated, intuitive design across a variety of functions
Provides managers, supervisors and administrators an improved user experience with quicker access to configuration tools, real-time data and alerts
Refreshing third party tech so customers can stay current with security, compliance and IT protocols
“Aspect Unified IP provides best-in-class functionality and uptime for our entire organization including collections, customer service, back office, loan origination, and service desk. It is both an effective and efficient solution for our contact center and customer engagement needs,” said Michael Montgomery, VP Contact Center Solutions Exeter Finance
In the face of a global recession, the importance of outbound dialing and collections will steadily rise across industries. Aspect offers the only comprehensive outbound contact center solutions that allow the world’s largest organizations to effectively conduct proactive outreach activities while maintaining compliance with complicated regional, local, and national regulatory requirements. Aspect Unified IP and Advanced List Management are well equipped to help organizations adapt to the new challenges posed by this recession, and with the 7.4 SP1 release, additional capabilities have been added to ALM’s extensive tool set such as:
Functionality to help improve operational efficiency, allowing organizations to smooth out dialing and reach more customers in a shorter period of time
Goal-driven rules to ensure dialing aligns with an overall outreach strategy
Security and auditing features to help maintain compliance with relevant regulations
The ability to play specific messages for each attempt, creating more effective customer experiences while improving operational efficiency by minimizing repeat interactions
“City of Mesa has been on the Aspect Unified IP platform for six-plus years now since upgrading from legacy Aspect CallCenter® ACD. Like its predecessor, it has been a rock solid/stable platform in support of both standard hours and 24x7 services. The ease of being able to stand up new departments on the platform for remote workers during this time has proven to be invaluable,” said Richard Sandoval, Senior Unified Communications Engineer City of Mesa.
FIND OUT MORE about Aspect Unified IP and Advanced List Management.
About Aspect
Aspect is on a mission to simplify and improve customer engagement. Our enterprise software is used by millions of agents every year and supports billions of consumer interactions around the world. Our best-of-breed contact center and workforce optimization applications help companies keep agents engaged while providing exceptional customer service experiences. Our flexible, highly scalable solutions for self-service and live interaction management and workforce optimization are available on-premises or in any hosted, private or public cloud environment.
For more information, visit www.aspect.com. Follow Aspect on Twitter at @AspectSoftware. Read our blogs at http://blogs.aspect.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200729005568/en/
Contacts
Michael Harris, Aspect Software CMO
602-586-5810
press.inquiry@aspect.com
Permalink : https://www.aetoswire.com/news/aspect-announces-general-availability-of-aspect-unified-ip-74-sp1-the-premier-enterprise-contact-center-solution-for-high-volume-customer-outreach/en
Esri and United Nations Create COVID-19 Population Vulnerability Dashboard
New Tool Will Help Public Health Organizations Use Census Data to Fight Pandemic
REDLANDS, Calif.-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Esri, the global leader in location intelligence, today announced it has collaborated with the United Nations Population Fund (UNFPA) to create the UNFPA COVID-19 Population Vulnerability Dashboard. This new interactive tool will provide public health workers, policy makers, and the general public with access to useful information on populations vulnerable to coronavirus disease 2019 (COVID-19) in order to target preparedness and response and to help save lives.
The dashboard highlights population vulnerabilities at the national and subnational levels, using data from the latest Integrated Public Use Microdata Series (IPUMS) census samples for 94 countries. It identifies populations at older ages, including those living alone, and includes risk factors for COVID-19 transmission such as residential density (household size and persons per room) and access to piped water and other amenities.
Daily updates on COVID-19 cases and deaths are embedded in the dashboard, as is global data on health sector readiness. This includes the density of available health care workers, hospital beds, and intensive care units (ICUs).
"National and subnational disparities in vulnerability can be striking," said Linda Peters, Esri global business development manager. "How these differences will affect overall transmission and health risk will be shaped by critical factors such as the scale and timing of government lockdowns. But geographic comparisons help us anticipate potential risks, and remind us of the huge differences in underlying development needs and health sector readiness between countries."
Since the census data included is in the public domain—and therefore from the 2010 census samples—the dashboard also provides WorldPop projections of the 2020 population numbers among older age groups, organized by sex and population density, for more than 200 countries.
To learn more about vulnerable-population data for addressing COVID-19 and to view the dashboard, visit covid.pdp.unfpa.org.
About Esri
Esri, the global market leader in geographic information system (GIS) software, location intelligence, and mapping, offers the most powerful geospatial cloud available, to help customers unlock the full potential of data to improve operational and business results. Founded in 1969, Esri software is deployed in more than 350,000 organizations including 90 of the Fortune 100 companies, all 50 state governments, more than half of all counties (large and small), and 87 of the Forbes Top 100 Colleges in the U.S., as well as all 15 Executive Departments of the U.S. Government and dozens of independent agencies. With its pioneering commitment to geospatial information technology, Esri engineers the most advanced solutions for digital transformation, the Internet of Things (IoT), and advanced analytics. Visit us at esri.com.
Copyright © 2020 Esri. All rights reserved. Esri, the Esri globe logo, The Science of Where, esri.com, and @esri.com are trademarks, service marks, or registered marks of Esri in the United States, the European Community, or certain other jurisdictions. Other companies and products or services mentioned herein may be trademarks, service marks, or registered marks of their respective mark owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005623/en/
Contacts
Jo Ann Pruchniewski
Public Relations, Esri
Mobile: 301-693-2643
Email: jpruchniewski@esri.com
Permalink : https://www.aetoswire.com/news/esri-and-united-nations-create-covid-19-population-vulnerability-dashboard/en
REDLANDS, Calif.-Wednesday 29 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Esri, the global leader in location intelligence, today announced it has collaborated with the United Nations Population Fund (UNFPA) to create the UNFPA COVID-19 Population Vulnerability Dashboard. This new interactive tool will provide public health workers, policy makers, and the general public with access to useful information on populations vulnerable to coronavirus disease 2019 (COVID-19) in order to target preparedness and response and to help save lives.
The dashboard highlights population vulnerabilities at the national and subnational levels, using data from the latest Integrated Public Use Microdata Series (IPUMS) census samples for 94 countries. It identifies populations at older ages, including those living alone, and includes risk factors for COVID-19 transmission such as residential density (household size and persons per room) and access to piped water and other amenities.
Daily updates on COVID-19 cases and deaths are embedded in the dashboard, as is global data on health sector readiness. This includes the density of available health care workers, hospital beds, and intensive care units (ICUs).
"National and subnational disparities in vulnerability can be striking," said Linda Peters, Esri global business development manager. "How these differences will affect overall transmission and health risk will be shaped by critical factors such as the scale and timing of government lockdowns. But geographic comparisons help us anticipate potential risks, and remind us of the huge differences in underlying development needs and health sector readiness between countries."
Since the census data included is in the public domain—and therefore from the 2010 census samples—the dashboard also provides WorldPop projections of the 2020 population numbers among older age groups, organized by sex and population density, for more than 200 countries.
To learn more about vulnerable-population data for addressing COVID-19 and to view the dashboard, visit covid.pdp.unfpa.org.
About Esri
Esri, the global market leader in geographic information system (GIS) software, location intelligence, and mapping, offers the most powerful geospatial cloud available, to help customers unlock the full potential of data to improve operational and business results. Founded in 1969, Esri software is deployed in more than 350,000 organizations including 90 of the Fortune 100 companies, all 50 state governments, more than half of all counties (large and small), and 87 of the Forbes Top 100 Colleges in the U.S., as well as all 15 Executive Departments of the U.S. Government and dozens of independent agencies. With its pioneering commitment to geospatial information technology, Esri engineers the most advanced solutions for digital transformation, the Internet of Things (IoT), and advanced analytics. Visit us at esri.com.
Copyright © 2020 Esri. All rights reserved. Esri, the Esri globe logo, The Science of Where, esri.com, and @esri.com are trademarks, service marks, or registered marks of Esri in the United States, the European Community, or certain other jurisdictions. Other companies and products or services mentioned herein may be trademarks, service marks, or registered marks of their respective mark owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005623/en/
Contacts
Jo Ann Pruchniewski
Public Relations, Esri
Mobile: 301-693-2643
Email: jpruchniewski@esri.com
Permalink : https://www.aetoswire.com/news/esri-and-united-nations-create-covid-19-population-vulnerability-dashboard/en
Moody’s Analytics Wins Best Credit Risk Solution Provider in Waters Rankings
SAN FRANCISCO-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- Moody’s Analytics has been voted Best Credit Risk Solution Provider in the 2020 Waters Rankings. Voters choose specific offerings from shortlisted firms to determine these annual rankings. For the fourth time in five years, the Moody’s Analytics RiskCalc™ solution received more votes than any other firm’s offering.
This industry-leading credit scoring platform allows clients to assess the default and recovery risk of private firms and financial institutions. They use RiskCalc models to generate forward-looking probability of default, loss given default, and expected loss credit measures.
“We appreciate the voters again selecting the RiskCalc solution,” said Nihil Patel, Managing Director at Moody’s Analytics. “We’re proud that it continues to hold such a prominent position in this space. It means that our clients are achieving their business goals and strengthening their credit and financial risk practices throughout the credit lifecycle.”
The RiskCalc solution is powered by the Moody’s Analytics Data Alliance, one of the world’s largest and most comprehensive data consortia. It now integrates with the Moody’s Analytics Credit Sentiment Score™ tool, so RiskCalc users can benefit from AI-powered media tracking and adverse credit signals from news articles.
Earlier this year, the RiskCalc solution completed a System and Organization Controls (SOC 1) Type 1 examination under the attestation standards established by the American Institute of Certified Public Accountants.
This win in the Waters Rankings adds to our growing list of awards and industry accolades.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter and LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody’s Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,300 people worldwide and maintains a presence in 40 countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005531/en/
Contacts
JUSTIN BURSZTEIN
Moody’s Analytics Communications
+1.212.553.1163
justin.bursztein@moodys.com
Moody’s Analytics Media Relations
moodysanalytics.com
twitter.com/moodysanalytics
linkedin.com/company/moodysanalytics
Permalink : https://www.aetoswire.com/news/moodyrsquos-analytics-wins-best-credit-risk-solution-provider-in-waters-rankings/en
(BUSINESS WIRE) -- Moody’s Analytics has been voted Best Credit Risk Solution Provider in the 2020 Waters Rankings. Voters choose specific offerings from shortlisted firms to determine these annual rankings. For the fourth time in five years, the Moody’s Analytics RiskCalc™ solution received more votes than any other firm’s offering.
This industry-leading credit scoring platform allows clients to assess the default and recovery risk of private firms and financial institutions. They use RiskCalc models to generate forward-looking probability of default, loss given default, and expected loss credit measures.
“We appreciate the voters again selecting the RiskCalc solution,” said Nihil Patel, Managing Director at Moody’s Analytics. “We’re proud that it continues to hold such a prominent position in this space. It means that our clients are achieving their business goals and strengthening their credit and financial risk practices throughout the credit lifecycle.”
The RiskCalc solution is powered by the Moody’s Analytics Data Alliance, one of the world’s largest and most comprehensive data consortia. It now integrates with the Moody’s Analytics Credit Sentiment Score™ tool, so RiskCalc users can benefit from AI-powered media tracking and adverse credit signals from news articles.
Earlier this year, the RiskCalc solution completed a System and Organization Controls (SOC 1) Type 1 examination under the attestation standards established by the American Institute of Certified Public Accountants.
This win in the Waters Rankings adds to our growing list of awards and industry accolades.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter and LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody’s Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,300 people worldwide and maintains a presence in 40 countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005531/en/
Contacts
JUSTIN BURSZTEIN
Moody’s Analytics Communications
+1.212.553.1163
justin.bursztein@moodys.com
Moody’s Analytics Media Relations
moodysanalytics.com
twitter.com/moodysanalytics
linkedin.com/company/moodysanalytics
Permalink : https://www.aetoswire.com/news/moodyrsquos-analytics-wins-best-credit-risk-solution-provider-in-waters-rankings/en
PCI Pharma Services Announces Global Expansion of Clinical Trial Services
PCI Broadens Global Clinical Supply-Chain Service Offerings Into Mainland Europe
PHILADELPHIA-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global outsourcing solutions provider, today announced a significant milestone in its global clinical footprint with the creation of a new Clinical Center of Excellence (COE) in Western Europe at its Berlin location, a major investment that will represent a new flagship site for customers. This is part of PCI’s global strategy to expand its clinical supply-chain network into continental Europe to complement offerings available at its UK and Ireland sites. The COE is expected to be completed in January 2021.
“With this expansion, our Berlin Clinical Center of Excellence will address the needs of European and global clients,” said Brian Keesee, vice president and general manager, Global Clinical Operations and Supply, PCI Pharma Services. “Berlin is an excellent logistical hub that will serve as a proactive solution to Brexit, ensuring there are no gaps in the supply chain and our clients conducting clinical trials in all parts of Europe continue to be served.”
The Berlin COE will include 17,000 square feet of space dedicated to primary and secondary packaging, storage of pharmaceutical and biopharmaceutical therapies at all temperature ranges, and distribution. This capacity is well positioned to service the EU-based clinical trials ecosystem, which currently has more than 38,100 active trials sites throughout the 27-member countries and is second only to the United States for such research. Of the EU countries, France and Germany rank first and second, with 7,370 and 4,418 active trial sites, respectively.i
“Our strategy has always been to increase the capacity and capabilities of our clinical trial services network, and with the acquisition of Bellwyck Pharma Services earlier this year, we are taking the next step to enhance our capabilities at our new Berlin facility to support the growing clinical trial market in Europe and beyond,” said Salim Haffar, chief executive officer, PCI Pharma Services. “This investment will provide clients with global clinical trial solutions for their life-changing medicines, ensuring continuity of patient supply to match growing market demands.”
About PCI Pharma Services
The global healthcare industry trusts PCI for the drug development solutions that increase their products’ speed to market and opportunities for commercial success. Only PCI brings the proven experience that comes with more than 50 successful product launches a year and over five decades in the healthcare business. Leading technology and continued investment enable us to address global development needs throughout the product life cycle — from Phase I Clinical trials through commercialization and ongoing supply. Our clients view us as an extension of their business and a collaborative partner, with the shared goal of improving patients’ lives. For more information, please visit www.pci.com or follow us on Twitter at @PCI_Social.
___________________
i ClinicalTrials.gov Web site. Advanced Search of Trial Status Active, not recruiting; Recruiting; Enrolling by invitation. Bethesda (MD): National Library of Medicine (US). Available: https://clinicaltrials.gov/ct2/results/map?recrs=adf&map=. Accessed 2020 July 27.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005211/en/
Contacts
Bailey Watroba, WE Communications
bwatroba@we-worldwide.com / +1-617-234-4110
Permalink : https://www.aetoswire.com/news/pci-pharma-services-announces-global-expansion-of-clinical-trial-services/en
PHILADELPHIA-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE) -- PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global outsourcing solutions provider, today announced a significant milestone in its global clinical footprint with the creation of a new Clinical Center of Excellence (COE) in Western Europe at its Berlin location, a major investment that will represent a new flagship site for customers. This is part of PCI’s global strategy to expand its clinical supply-chain network into continental Europe to complement offerings available at its UK and Ireland sites. The COE is expected to be completed in January 2021.
“With this expansion, our Berlin Clinical Center of Excellence will address the needs of European and global clients,” said Brian Keesee, vice president and general manager, Global Clinical Operations and Supply, PCI Pharma Services. “Berlin is an excellent logistical hub that will serve as a proactive solution to Brexit, ensuring there are no gaps in the supply chain and our clients conducting clinical trials in all parts of Europe continue to be served.”
The Berlin COE will include 17,000 square feet of space dedicated to primary and secondary packaging, storage of pharmaceutical and biopharmaceutical therapies at all temperature ranges, and distribution. This capacity is well positioned to service the EU-based clinical trials ecosystem, which currently has more than 38,100 active trials sites throughout the 27-member countries and is second only to the United States for such research. Of the EU countries, France and Germany rank first and second, with 7,370 and 4,418 active trial sites, respectively.i
“Our strategy has always been to increase the capacity and capabilities of our clinical trial services network, and with the acquisition of Bellwyck Pharma Services earlier this year, we are taking the next step to enhance our capabilities at our new Berlin facility to support the growing clinical trial market in Europe and beyond,” said Salim Haffar, chief executive officer, PCI Pharma Services. “This investment will provide clients with global clinical trial solutions for their life-changing medicines, ensuring continuity of patient supply to match growing market demands.”
About PCI Pharma Services
The global healthcare industry trusts PCI for the drug development solutions that increase their products’ speed to market and opportunities for commercial success. Only PCI brings the proven experience that comes with more than 50 successful product launches a year and over five decades in the healthcare business. Leading technology and continued investment enable us to address global development needs throughout the product life cycle — from Phase I Clinical trials through commercialization and ongoing supply. Our clients view us as an extension of their business and a collaborative partner, with the shared goal of improving patients’ lives. For more information, please visit www.pci.com or follow us on Twitter at @PCI_Social.
___________________
i ClinicalTrials.gov Web site. Advanced Search of Trial Status Active, not recruiting; Recruiting; Enrolling by invitation. Bethesda (MD): National Library of Medicine (US). Available: https://clinicaltrials.gov/ct2/results/map?recrs=adf&map=. Accessed 2020 July 27.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005211/en/
Contacts
Bailey Watroba, WE Communications
bwatroba@we-worldwide.com / +1-617-234-4110
Permalink : https://www.aetoswire.com/news/pci-pharma-services-announces-global-expansion-of-clinical-trial-services/en
GEN Z IS ON TV ALL OVER THE WORLD
DUBAI, United Arab Emirates-Tuesday 28 July 2020 [ AETOS Wire ]
In
this latest research installment powered by Choueiri Group’s Data Team,
we take a closer look at how the COVID-19 crises has brought about a
significant surge in TV Viewership for GEN Z “Zoomers” around the globe.
These insightful findings serve to inspire regional brands to tap into
the wide spectrum of marketing opportunities which TV can deliver to
this very significant audience segment, who have been heavily impacted
by the Pandemic.
About Choueiri Group:
As the
leading media representation group in the Middle East, Choueiri Group is
a company built from the ground up over the past forty plus years.
Today, the Group’s companies market and manage the advertising space of
25 television stations, 10 print titles, the largest outdoor signs
network in the UAE, 12 radio stations, 40+ web portals along with their
apps, the exclusivity of cinemas in Kuwait, the largest exhibitions
venue in Lebanon, and most recently, a growing presence across the
regional cinema ecosystem. Choueiri Group operates in ten markets
covering the MENA region, Europe and Japan and ensures the best support
for its regional and international clients through its extensive network
of twelve subsidiaries, 6 representative offices and more than 700
committed executives.
Contacts
Choueiri Group
Assad Jamil, +97144545454
ajamil.mr@choueirigroup.com
Amazentis Launches Timeline™ powered by Mitopure™ A Breakthrough in Cellular Nutrition
Mitopure™, a first-of-its kind cellular
nutrient, clinically proven to boost cellular function and improve
muscle strength, is now available to health-striving consumers in
Timeline Nutrition products*.
LAUSANNE, Switzerland & SAN FRANCISCO-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Pioneering life sciences company, Amazentis, today announces new clinical findings and the commercial launch of Timeline Cellular Nutrition in the United States. After a decade of research by leading scientists and medical doctors, Timeline Nutrition is the first brand to offer Mitopure™, a highly pure form of Urolithin A proven to help counter age-associated cellular decline and improve muscular strength.
LAUSANNE, Switzerland & SAN FRANCISCO-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Pioneering life sciences company, Amazentis, today announces new clinical findings and the commercial launch of Timeline Cellular Nutrition in the United States. After a decade of research by leading scientists and medical doctors, Timeline Nutrition is the first brand to offer Mitopure™, a highly pure form of Urolithin A proven to help counter age-associated cellular decline and improve muscular strength.
- A randomized, double-blind, placebo-controlled clinical trial (NCT03464500) in healthy middle-aged participants (40 to 65 years old) showed that 4 months of daily consumption of 500mg Mitopure™ (highly pure Urolithin A) led to a significant improvement in leg muscle strength.
- A separate randomized clinical trial (NCT04160312) conducted in healthy adults (18-80 years old) in the USA compared Urolithin A levels following consumption of Mitopure™ and pomegranate juice. It showed that 500mg of Mitopure™ delivers greater than 6X more Urolithin A compared to 8oz (240ml) of 100% pomegranate juice.
- Amazentis is launching the first product containing clinically proven Mitopure™ exclusively direct-to-consumer through the Timeline Nutrition website.
Many people begin to experience a loss in muscle strength starting in their 40s due to age-associated declines in cellular bioenergetics and mitochondrial function. Timeline is formulated with Mitopure™, a proprietary ingredient and highly pure form of Urolithin A. This bioactive is produced by the gut microbiome in only a limited portion of the population. Mitopure™ is the only compound shown to increase muscle function by activating the selective recycling of damaged mitochondria (the powerhouse of the cell) via an essential anti-aging process known as mitophagy.
“For the first time we have now shown that consuming Mitopure™ on a regular basis for 4 months triggers meaningful physiological changes in the body and significantly improves leg muscle strength” says Amazentis Chairman & Co-Founder, Patrick Aebischer, MD “this is a breakthrough in the translation of science-backed nutrition targeting muscle and healthy aging.”
Timeline is particularly effective because precisely calibrated doses of Mitopure™ deliver Urolithin A directly and activate mitophagy within the body—regardless of your diet or microbiome. This new clinical data showed that only 12% of participants had detectable levels of Urolithin A entering the study. Overall, participants showed a greater than 6-fold improvement in Urolithin A levels over 24 hours after consuming 500mg of Mitopure™ when compared to 8oz (240mL) of 100% pomegranate juice.
“At Amazentis, we’re dedicated to developing the next generation of nutrition products targeting cellular health and mitochondrial function. Now, more than ever, consumers appreciate the importance of staying healthy and maintaining muscle function. Timeline Nutrition brings together cutting-edge science with a great tasting product,” says Amazentis CEO and Co-Founder, Chris Rinsch, PhD.
Timeline’s first product comes in the form of a delicious Berry & Pomegranate flavored powder that can be mixed in with your daily smoothie, yogurt, and other breakfast favorites. Timeline is exclusively available for purchase online for consumers in the United States starting at $3.33 per day for a four-month supply. Visit www.timelinenutrition.com for more information.
* 500mg of Mitopure™ have been shown to (1) induce gene expression related to mitochondrial function and metabolism and (2) increase the strength of the hamstring leg muscle in measures of knee extension and flexion in overweight 40 to 65 year olds. Data from two randomized double-blind placebo-controlled human clinical trials.
About Timeline
Timeline Nutrition is the first brand to offer Mitopure™, a highly pure form of Urolithin A. This novel nutrition brand was developed by Amazentis on the belief that uncompromising research can unlock a new class of nutrition that is backed by cutting edge science. As scientists, we know that physical decline from aging can’t be stopped. However, through its groundbreaking research, Timeline is committed to developing products designed to help reduce the impact of time on health. For more information, please visit www.timelinenutrition.com.
About Mitopure™
Mitopure™ is a highly pure form of Urolithin A; a bioactive dietary metabolite that is produced by gut bacteria after eating certain foods, such as the pomegranate, though it is difficult for most people to get enough of this specialized nutrient from food alone. Mitopure™ has been shown to improve mitochondrial function by stimulating mitophagy, a process by which aging and damaged mitochondria are cleared from the cell, making way for healthy mitochondria to grow. Mitopure™ has been favorably reviewed by the U.S. Food and Drug Administration (FDA) and deemed safe following a GRAS (generally recognized as safe) filing. Mitopure™ has been extensively evaluated pre-clinically and clinically to support its use in humans for nutritional supplementation. For more information, please visit www.mitopure.com.
About Amazentis
Amazentis is an innovative life sciences company employing today’s leading research and clinical science to develop the next generation of products targeting mitochondrial health for advanced nutrition. Amazentis has previously published its research on Mitopure™ Urolithin A in top peer reviewed scientific journals such as Nature Medicine (doi:10.1038/nm.4132) and Nature Metabolism (doi: 10.1038/s42255-019-0073-4). The company has a global strategic partnership with Nestlé Health Science to expand the health applications of Mitopure™ linked to mitochondrial and cellular decline. For more information on Amazentis, please visit www.amazentis.com.
Related Links
https://www.timelinenutrition.com
https://www.mitopure.com
https://www.amazentis.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005447/en/
Contacts
Federico Luna
Chief Marketing Officer, Amazentis
press@amazentis.com
Permalink : https://www.aetoswire.com/news/amazentis-launches-timelinetrade-powered-by-mitopuretrade-a-breakthrough-in-cellular-nutrition/en
Ozow - Paving the Way for Open Banking in Africa
Adding over 100,000 new users a month in South Africa and Namibia alone, Ozow is now taking steps to bring its payments platform to the rest of Africa and the world.
JOHANNESBURG, South Africa-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- “In a constantly changing global economy, traditionally dominated by large banks since 1472, (something which is unlikely to change in the coming decades), Ozow is positioned as a disruptor to challenge the status quo. Ozow is leading the way with an Open Banking platform in Africa, and the startling growth of the business over the past 6 years tells the story of a fast growing start up on the verge of taking the African continent by storm,” says Ozow CEO and co-founder, Thomas Pays. “As a market led company Ozow’s success has grown to see them capturing an entire market (representing over 70% of the instant EFT market in South Africa), from the heart of underprivileged townships and rural areas to the highest LSM. Users all note that the payment platform is a better, safer, and easier alternative to cards or a manual EFT payment”.
There are over 49 million bank accounts in South Africa alone – users just need a convenient way to pay from them. This is where Ozow’s secure online payments platform is leading payment innovation.
“Consumers, merchants, and banks in South Africa and Namibia now recognize Ozow as the quick and trusted way to make payments,” says Pays. “As most people in the region go online mainly through their mobile devices (the same rings true for the rest of Africa) – and often pre-pay for airtime/data – transaction speed is essential. We commit to enabling payments in a few seconds.”
Ozow’s latest product release in the form of a world first, patent-pending innovation called the Ozow PIN has also resulted in increased growth of the business. This technology empowers a user to tokenize payment and make any repeat purchases with the simple entry of a 4-digit PIN. This world first innovation is already aggressively taking the lion’s share of the cash, card, and alternative payment options market by empowering users to transact anytime, anywhere online, or at point of sale, without the need for an app or registration. “As a market leading payments company in Africa, we have put the needs of our clients first, resulting in an increase of over 50% in recurring payments since the introduction of this new technology,’’ says Pays. Ozow can also be used for e-billing in partnership with SAGE and Xero, SMS payments via all major networks, and QR codes. The service is becoming available in five of South Africa’s 11 official languages, with plans to add the other languages in the coming months.
From the merchant’s perspective, Ozow acts as an additional layer of security to that of the existing banking infrastructure, keeping all transactions ultra-safe at all times and providing an environment that has proven to be safer than any other payment mechanism. Once a payment has been confirmed, it is irrevocable, using a real-time digital instruction issued by the owner of the source account.
Ozow was founded in 2014 by Mitchan Adams and Lyle Eckstein (both South African) together with CEO Thomas Pays, a Frenchman who has lived in South Africa for more than 16 years.
The past few years has seen Ozow become the most trusted payment brand among users who have developed a strong emotional attachment to the brand, empowering many to transact digitally for the first time.
Ozow’s company values and the culture it has developed focuses on empowering its stakeholders and being impactful. In April last year Ozow introduced a “0% fees’’ campaign for NPO/NGO’s as well as SME’s, again leading the way in the market as a socially responsible business, by passing value on to entrepreneurs (a critical element of the South African economy) who often place their customer’s needs ahead of their own.
“Today, Ozow is a team of 50 + people who share a vision of bringing our fast and easy payment solutions to the African continent and ultimately the globe. Through Ozow, in a market where over ZAR9,7 trillion is transferred via “bank to bank” payments a year, well over 11 times the market share of card payments, the prospect of financial inclusion for all is virtually limitless,” says Pays.
“Our approach is completely open, and we want to partner with banks and other payments providers in each of the markets we enter,” he says. “We’ve taken the time to make sure our tech is ready for scalability, and we believe that moment has now arrived.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005804/en/
Contacts
Thomas Pays
thomas@ozow.com
+27 (74) 110-1011
Permalink : https://www.aetoswire.com/news/ozow-paving-the-way-for-open-banking-in-africa/en
JOHANNESBURG, South Africa-Tuesday 28 July 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- “In a constantly changing global economy, traditionally dominated by large banks since 1472, (something which is unlikely to change in the coming decades), Ozow is positioned as a disruptor to challenge the status quo. Ozow is leading the way with an Open Banking platform in Africa, and the startling growth of the business over the past 6 years tells the story of a fast growing start up on the verge of taking the African continent by storm,” says Ozow CEO and co-founder, Thomas Pays. “As a market led company Ozow’s success has grown to see them capturing an entire market (representing over 70% of the instant EFT market in South Africa), from the heart of underprivileged townships and rural areas to the highest LSM. Users all note that the payment platform is a better, safer, and easier alternative to cards or a manual EFT payment”.
There are over 49 million bank accounts in South Africa alone – users just need a convenient way to pay from them. This is where Ozow’s secure online payments platform is leading payment innovation.
“Consumers, merchants, and banks in South Africa and Namibia now recognize Ozow as the quick and trusted way to make payments,” says Pays. “As most people in the region go online mainly through their mobile devices (the same rings true for the rest of Africa) – and often pre-pay for airtime/data – transaction speed is essential. We commit to enabling payments in a few seconds.”
Ozow’s latest product release in the form of a world first, patent-pending innovation called the Ozow PIN has also resulted in increased growth of the business. This technology empowers a user to tokenize payment and make any repeat purchases with the simple entry of a 4-digit PIN. This world first innovation is already aggressively taking the lion’s share of the cash, card, and alternative payment options market by empowering users to transact anytime, anywhere online, or at point of sale, without the need for an app or registration. “As a market leading payments company in Africa, we have put the needs of our clients first, resulting in an increase of over 50% in recurring payments since the introduction of this new technology,’’ says Pays. Ozow can also be used for e-billing in partnership with SAGE and Xero, SMS payments via all major networks, and QR codes. The service is becoming available in five of South Africa’s 11 official languages, with plans to add the other languages in the coming months.
From the merchant’s perspective, Ozow acts as an additional layer of security to that of the existing banking infrastructure, keeping all transactions ultra-safe at all times and providing an environment that has proven to be safer than any other payment mechanism. Once a payment has been confirmed, it is irrevocable, using a real-time digital instruction issued by the owner of the source account.
Ozow was founded in 2014 by Mitchan Adams and Lyle Eckstein (both South African) together with CEO Thomas Pays, a Frenchman who has lived in South Africa for more than 16 years.
The past few years has seen Ozow become the most trusted payment brand among users who have developed a strong emotional attachment to the brand, empowering many to transact digitally for the first time.
Ozow’s company values and the culture it has developed focuses on empowering its stakeholders and being impactful. In April last year Ozow introduced a “0% fees’’ campaign for NPO/NGO’s as well as SME’s, again leading the way in the market as a socially responsible business, by passing value on to entrepreneurs (a critical element of the South African economy) who often place their customer’s needs ahead of their own.
“Today, Ozow is a team of 50 + people who share a vision of bringing our fast and easy payment solutions to the African continent and ultimately the globe. Through Ozow, in a market where over ZAR9,7 trillion is transferred via “bank to bank” payments a year, well over 11 times the market share of card payments, the prospect of financial inclusion for all is virtually limitless,” says Pays.
“Our approach is completely open, and we want to partner with banks and other payments providers in each of the markets we enter,” he says. “We’ve taken the time to make sure our tech is ready for scalability, and we believe that moment has now arrived.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005804/en/
Contacts
Thomas Pays
thomas@ozow.com
+27 (74) 110-1011
Permalink : https://www.aetoswire.com/news/ozow-paving-the-way-for-open-banking-in-africa/en
Schlumberger Announces Second-Quarter 2020 Results
HOUSTON-Tuesday 28 July 2020 [ AETOS Wire ]
- Worldwide revenue of $5.4 billion decreased 28% sequentially
- International revenue of $4.1 billion decreased 19% sequentially
- North America revenue of $1.2 billion decreased 48% sequentially
- GAAP loss per share, including charges and credits of $2.52 per share, was $2.47
- EPS, excluding charges and credits, was $0.05
- Cash flow from operations was $803 million and free cash flow was $465 million
- Board approved quarterly cash dividend of $0.125 per share
(BUSINESS WIRE)-- Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020.
Second-Quarter Results
|
(Stated in millions, except per share amounts)
| ||||||||
Three Months Ended
|
Change
| ||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| |||||
Revenue
|
$5,356
|
$7,455
|
$8,269
|
-28%
|
-35%
| ||||
Income (loss) before taxes - GAAP basis
|
$(3,627)
|
$(8,089)
|
$593
|
n/m
|
n/m
| ||||
Pretax segment operating income*
|
$396
|
$776
|
$968
|
-49%
|
-59%
| ||||
Pretax segment operating margin*
|
7.4%
|
10.4%
|
11.7%
|
-303 bps
|
-431 bps
| ||||
Net income (loss) - GAAP basis
|
$(3,434)
|
$(7,376)
|
$492
|
n/m
|
n/m
| ||||
Net income, excluding charges & credits*
|
$69
|
$351
|
$492
|
-80%
|
-86%
| ||||
Diluted EPS (loss per share) - GAAP basis
|
$(2.47)
|
$(5.32)
|
$0.35
|
n/m
|
n/m
| ||||
Diluted EPS, excluding charges & credits*
|
$0.05
|
$0.25
|
$0.35
|
-80%
|
-86%
| ||||
North America revenue
|
$1,183
|
$2,279
|
$2,801
|
-48%
|
-58%
| ||||
International revenue
|
$4,138
|
$5,121
|
$5,463
|
-19%
|
-24%
| ||||
North America revenue, excluding Cameron
|
$842
|
$1,773
|
$2,201
|
-53%
|
-62%
| ||||
International revenue, excluding Cameron
|
$3,463
|
$4,395
|
$4,708
|
-21%
|
-26%
| ||||
*These are non-GAAP financial measures. See sections titled "Charges & Credits" and "Segments" for details.
| |||||||||
n/m = not meaningful
| |||||||||
Schlumberger
CEO Olivier Le Peuch commented, “Before addressing our results, I would
like to pay tribute to our employees and contractors for their
remarkable resilience in the face of the historic COVID-19 pandemic that
confronts us all.
“Our
employees and contractors have shown outstanding adaptability to the
new working environment with up to 55,000 of our people working remotely
to maintain business continuity. They have embraced digital remote
operations, adjusted work practices to mitigate contamination risks, and
delivered benchmark safety and service quality performance for our
customers. I would like to extend my heartfelt appreciation for their
dedication and sacrifices while working in a difficult operating
environment, and for their leadership in helping the communities where
we live and work. As the pandemic lingers, we will remain cautious in
our global operations. The safety of our people remains paramount.
“This
has probably been the most challenging quarter in past decades.
Schlumberger second-quarter revenue declined 28% sequentially, caused by
the unprecedented fall in North America activity, and international
activity drop due to downward revisions to customer budgets accentuated
by COVID-19 disruptions. This speaks volumes about an industry
confronted with historic oil demand and supply imbalances caused by
demand destruction from the global COVID-19 containment effort.
“North
America revenue declined 48% sequentially with land revenue falling 60%
as customers dramatically cut back spending. International revenue
declined 19% sequentially with Latin America and Africa experiencing the
largest revenue declines due to COVID-19-related restrictions and the
drop in deepwater activity. In addition, there was a production
interruption in our Asset Performance Solutions (APS) projects in
Ecuador caused by a major land slide that led to the rupture of the main
pipeline. Revenue in the Middle East, Russia, Europe, and Asia proved
more resilient as these regions, when combined, declined 10%
sequentially.
Second-Quarter Revenue by Segment
|
(Stated in millions)
| |||||||||||
Three Months Ended
|
Change
| |||||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| ||||||||
Reservoir Characterization
|
$1,052
|
$1,311
|
$1,558
|
-20%
|
-32%
| |||||||
Drilling
|
1,731
|
2,289
|
2,420
|
-24%
|
-28%
| |||||||
Production
|
1,615
|
2,703
|
3,077
|
-40%
|
-48%
| |||||||
Cameron
|
1,015
|
1,254
|
1,328
|
-19%
|
-24%
| |||||||
Other
|
(57
|
)
|
($102
|
)
|
(114
|
)
|
n/m
|
n/m
| ||||
$5,356
|
$7,455
|
$8,269
|
-28%
|
-35%
| ||||||||
n/m = not meaningful
| ||||||||||||
Certain prior period amounts have been reclassified to conform to the current period presentation.
| ||||||||||||
“By
business segment sequentially, second-quarter revenue for Reservoir
Characterization and Drilling fell 20% and 24%, respectively. This was
due to the North America land activity decline and COVID-19 disruptions
in several international GeoMarkets. Production revenue declined 40%
sequentially, driven by the precipitous drop in OneStim® pressure-pumping
activity. Cameron revenue declined 19% sequentially, mostly due to
North America land activity decline in Surface Systems and Valves &
Process Systems.
“In
the face of such adversity, Schlumberger has demonstrated resilience.
Through our decisive actions, we protected our liquidity and cash
positions, and sustained resilient international margins while
navigating the trough of this downcycle. The results of our actions and
continued success with technology—particularly digital—can be seen from
our decremental margins and our strong free cash flow generation.
“First,
our cash flow from operations was $803 million and we generated $465
million of free cash flow despite significant severance payments during
the quarter. We continue to be opportunistic in accessing the financial
markets, systematically refinancing and spacing out future debt
maturities, and taking proactive measures to enhance our liquidity
position.
“Second,
despite the severe drop in international revenue and the significant
effect of the APS production interruption in Ecuador, international
margin was extraordinarily resilient, as it was essentially flat
compared to the previous quarter. Three out of our four business
segments and more than half of our 13 international GeoMarkets either
expanded or maintained their international margins on a sequential
basis. This was due to our swift and decisive actions to reduce
operating costs, restructure, and rationalize our asset base. We are
permanently removing $1.5 billion of structural costs annually by
reorganizing Schlumberger into a leaner and more responsive company that
is better aligned with our customers’ workflows. We are combining our
17 product lines into four divisions, structuring our geographic
organization around five key basins of activity, and streamlining our
management structure. In addition, significant progress was also made in
improving the results of previously underperforming business units and
digital technology adoption has increased. Overall this quarter, we
posted a decremental operating margin of 18% sequentially.
“In
response to market conditions, we recorded $3.7 billion of pretax
restructuring and asset impairment charges, including $1 billion of
severance costs, as of the end of the quarter. The remaining portion of
the charge largely relates to the non-cash impairment of certain assets.
“Altogether,
I am extremely proud of our operational and financial performance
during the quarter as we continue to build the foundation for our future
success while we navigate the trough of this downcycle.
“Looking
at the macro view in the near-term, oil demand is slowly starting to
normalize and is expected to improve as government measures support
consumption. However, subsequent waves of potential COVID-19 resurgence
pose a negative risk to this outlook.
“The
conditions are set in the third quarter for a modest frac completion
activity increase in North America, though from a very low base.
Internationally, markets may continue to be disrupted by the pandemic
and will continue to adjust to budget levels set during the second
quarter, but this would be mostly offset by the seasonal return of
activity in the Northern Hemisphere and the rebound of Latin America
from its second-quarter weakness. However, any further material COVID-19
disruption or significant setback in oil demand arising from a slower
economic recovery could present downside risks to this outlook. Absent
these risks, we anticipate flat sequential revenue on a global basis and
our pretax segment operating income and margin should expand as a
result of our restructuring efforts, improved activity mix, and
sustained benefits from technology adoption, including digital.
“We
believe the decisive and comprehensive measures we have taken to face
the industry reality will continue to protect our liquidity and cash
positions and allow us to expand our margins. We have taken the
long-term view in restructuring our company—aligning with our customers’
workflows, empowering a lean and responsive organization, and
accelerating the execution of our performance strategy, with capital
stewardship, fit-for-basin, and digital as key attributes of success. I
am extremely optimistic about the future of Schlumberger, building on
the strength of our international franchise and positioning the company
as the performance partner of choice for our customers in the new
industry landscape.”
Other Events
During
the second quarter, Schlumberger issued EUR 1 billion of 1.375% Notes
due 2026, $900 million of 2.650% Notes due 2030, and EUR 1 billion of
2.000% Notes due 2032.
In
June, Schlumberger repurchased $1.5 billion of its outstanding notes,
consisting of $935 million of its 3.300% Notes due 2021 and all $600
million of its 4.200% Notes due 2021.
On
July 23, 2020, Schlumberger’s Board of Directors approved a quarterly
cash dividend of $0.125 per share of outstanding common stock, payable
on October 8, 2020 to stockholders of record on September 2, 2020.
Consolidated Revenue by Area
(Stated in millions)
| |||||||||
Three Months Ended
|
Change
| ||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| |||||
North America
|
$1,183
|
$2,279
|
$2,801
|
-48%
|
-58%
| ||||
Latin America
|
543
|
$945
|
1,115
|
-42%
|
-51%
| ||||
Europe/CIS/Africa
|
1,449
|
$1,751
|
1,896
|
-17%
|
-24%
| ||||
Middle East & Asia
|
2,146
|
$2,426
|
2,452
|
-12%
|
-12%
| ||||
Other
|
35
|
$54
|
5
|
n/m
|
n/m
| ||||
$5,356
|
$7,455
|
$8,269
|
-28%
|
-35%
| |||||
North America revenue
|
$1,183
|
$2,279
|
$2,801
|
-48%
|
-58%
| ||||
International revenue
|
$4,138
|
$5,121
|
$5,463
|
-19%
|
-24%
| ||||
North America revenue, excluding Cameron
|
$842
|
$1,773
|
$2,201
|
-52%
|
-62%
| ||||
International revenue, excluding Cameron
|
$3,463
|
$4,395
|
$4,708
|
-21%
|
-26%
| ||||
n/m = not meaningful
| |||||||||
Certain prior period amounts have been reclassified to conform to the current period presentation.
| |||||||||
North America
North America area
consolidated revenue of $1.2 billion was 48% lower sequentially with
North America land revenue falling 60%, in line with the decline in rig
and hydraulic fracturing stage counts, as customers dramatically cut
back spending. OneStim fracturing and land drilling activity fell as
customers revised budgets downward, challenged by low oil prices,
take-away constraints, and storage overflow. In addition, sales in North
America land of Surface Systems, Artificial Lift Solutions, and Valves
& Process Systems decreased sequentially. North America offshore
revenue decreased less severely, 12% sequentially.
International
Consolidated revenue in the Latin America area
of $543 million decreased 42% sequentially, primarily due to a
production interruption in our APS projects in Ecuador. In addition,
COVID-19 disruptions affected drilling activities in Argentina, Bolivia,
Colombia, and Peru. In contrast, Mexico and Brazil declined less
severely as reduced land activity was partially offset by offshore
exploration operations, where work continued with COVID-19
risk-mitigation protocols.
Europe/CIS/Africa area
consolidated revenue of $1.4 billion decreased 17% sequentially due to a
significant drop in activity in the Sub-Sahara Africa and North Africa
GeoMarkets from COVID-19 disruptions, project cancellations, and work
stoppages. The Russia & Central Asia GeoMarket was resilient as
COVID-19 activity disruption was offset by the pickup of seasonal land
activity in Russia, in preparation for the summer drilling campaigns.
Revenue also declined less in the North Sea and Continental Europe,
following the winter slowdown and as activity resumed later in the
quarter after COVID-19 lockdowns were relaxed.
Consolidated revenue in the Middle East & Asia area
of $2.1 billion decreased 12% sequentially, primarily due to a
significant drop in activity in the Eastern Middle East and South East
Asia GeoMarkets from work delays, project suspensions, and completed
contracts. Revenue in the North Middle East and Saudi Arabia &
Bahrain GeoMarkets declined less due to new projects. Revenue in the Far
East Asia GeoMarket was essentially flat as project delays were offset
by the seasonal rebound and resumption of activity after the lifting of
COVID-19 lockdowns in China.
Reservoir Characterization
(Stated in millions)
| |||||||||
Three Months Ended
|
Change
| ||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| |||||
Revenue
|
$1,052
|
$1,311
|
$1,558
|
-20%
|
-32%
| ||||
Pretax operating income
|
$185
|
$184
|
$317
|
1%
|
-42%
| ||||
Pretax operating margin
|
17.6%
|
14.0%
|
20.3%
|
357 bps
|
-273 bps
| ||||
Certain prior period amounts have been reclassified to conform to the current period presentation.
| |||||||||
Reservoir
Characterization revenue of $1.1 billion, 84% of which came from the
international markets, decreased 20% sequentially. North America and
international revenues declined 17% and 20%, respectively. This was
mainly due to lower Wireline activity in North America land and the
Eastern Middle East and Sub-Sahara Africa GeoMarkets. Testing Services
revenue was also lower mainly in the Sub-Sahara Africa GeoMarket as a
result of completed projects and delayed and cancelled activities due to
COVID-19. WesternGeco® revenue
declined as a project was completed in the Middle East, while Software
Integrated Solutions (SIS) revenue declined slightly as well.
Reservoir
Characterization pretax operating margin of 18% rebounded 357 bps
sequentially despite the significant revenue decline. This margin
expansion was evident both in North America and internationally.
Outperformance was delivered by prompt cost reduction measures in
compensation through headcount rationalization and furloughs,
particularly in SIS, WesternGeco, and Wireline.
Drilling
(Stated in millions)
| |||||||||
Three Months Ended
|
Change
| ||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| |||||
Revenue
|
$1,731
|
$2,289
|
$2,420
|
-24%
|
-28%
| ||||
Pretax operating income
|
$165
|
$285
|
$301
|
-42%
|
-45%
| ||||
Pretax operating margin
|
9.6%
|
12.4%
|
12.4%
|
-289 bps
|
-288 bps
| ||||
Drilling
revenue of $1.7 billion, 82% of which came from the international
markets, decreased 24% sequentially. North America and international
revenues declined 48% and 18%, respectively. This was primarily due to
the activity decline in US land as rig count dropped more than 50% while
COVID-19 disruptions caused drilling activities to be cancelled or
suspended in several international GeoMarkets. Drilling activity in
Russia & Central Asia, however, was resilient as COVID-19 disruption
was offset by seasonal pickup in Russia land activity in preparation
for the summer drilling campaigns.
Drilling
pretax operating margin of 10% contracted by 289 bps sequentially,
posting a 21% decremental operating margin. The margin contraction was
primarily in North America, while international margin was resilient and
flat sequentially. Drilling & Measurements and M-I SWACO accounted
for most of the margin decline and experienced the largest drop in
activity due to their sizeable footprint in North America land.
Production
(Stated in millions)
| |||||||||
Three Months Ended
|
Change
| ||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| |||||
Revenue
|
$1,615
|
$2,703
|
$3,077
|
-40%
|
-48%
| ||||
Pretax operating income
|
$25
|
$212
|
$235
|
-88%
|
-89%
| ||||
Pretax operating margin
|
1.5%
|
7.8%
|
7.6%
|
-630 bps
|
-612 bps
| ||||
Production
revenue of $1.6 billion, 75% of which came from the international
markets, declined 40% sequentially. North America and international
revenues declined 62% and 26%, respectively. This was driven by the
precipitous drop in OneStim pressure-pumping activity in North America
land. APS revenue was also down by nearly 50% due primarily to a
significant production interruption in Ecuador. International revenue
decreased due mostly to COVID-19 disruptions—mainly in the Latin America
South, Sub-Sahara Africa, Saudi Arabia & Bahrain, and Eastern
Middle East GeoMarkets.
Production
pretax operating margin of 2% contracted by 630 bps sequentially,
posting a 17% decremental operating margin. The margin decline was due
to reduced profitability in North America land from the dramatic fall in
activity, which mostly impacted the OneStim margin. International
margin declined also, albeit less severely, driven by the drop in APS
revenue in Ecuador and the reduction of Well Services activity.
Cameron
(Stated in millions)
| |||||||||
Three Months Ended
|
Change
| ||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
|
Sequential
|
Year-on-year
| |||||
Revenue
|
$1,015
|
$1,254
|
$1,328
|
-19%
|
-24%
| ||||
Pretax operating income
|
$80
|
$121
|
$165
|
-34%
|
-51%
| ||||
Pretax operating margin
|
7.9%
|
9.7%
|
12.4%
|
-180 bps
|
-453 bps
| ||||
Certain prior period amounts have been reclassified to conform to the current period presentation.
| |||||||||
Cameron
revenue of $1.0 billion, 67% of which came from the international
markets, decreased 19% sequentially. North America and international
revenues declined 33% and 7%, respectively. The North America decline
was driven by lower Surface Systems and Valves & Process Systems
revenues while international activity decline was mainly due to lower
Drilling Systems sales. Meanwhile, OneSubsea® revenue
was resilient, only declining slightly with international revenue
growing sequentially, but offset by a decline in North America.
Cameron
pretax operating margin of 8% declined by 180 bps sequentially, posting
a 17% decremental operating margin. The margin contraction was
primarily due to reduced profitability in North America, impacting
Surface Systems and Valves & Process Systems margins, while
international margin expanded sequentially due to OneSubsea and Drilling
Systems. Prompt cost reduction measures through headcount
rationalization, furloughs, and lower manufacturing costs contributed to
the international margin expansion.
Quarterly Highlights
Schlumberger
is leading the industry in the development of Digital solutions to
increase performance in drilling and reservoir characterization.
Deploying these solutions in the current challenging industry
environment can help customers maintain business continuity and improve
their teams' performance worldwide. Examples of this during the quarter
included:
- As announced last quarter, Schlumberger and ExxonMobil are jointly working on the deployment of digital drilling solutions around planning, execution, and continuous improvement through learning. As a next step, ExxonMobil and Schlumberger have finalized an enabling agreement for the deployment of DrillOps* on-target well delivery solution in ExxonMobil’s unconventional operations. The technology is expected to enable faster, lower-cost wells through drilling automation and orchestration of the digital well plan generated by DrillPlan* coherent well construction planning solution.
- Schlumberger and Honghua Electric Co., Ltd. entered into a memorandum of understanding (MOU) for the seamless integration of the DrillOps on-target well delivery solution with all new Honghua rigs. Under the MOU, Honghua will manufacture and sell rigs that have plug-and-play capability with the DrillOps solution, which integrates planning and operations while automating well construction tasks in order for the rig to operate at peak performance throughout the execution of the drilling plan.
- In the United Arab Emirates, Dragon Oil plc awarded Schlumberger a contract for deployment of agile reservoir modeling through the DELFI* cognitive E&P environment, the first implementation of this kind in the Middle East and North Africa region. A joint Dragon Oil and Schlumberger team will use this approach to enhance productivity of Dragon Oil’s Lam Main and Lam West Fields in Turkmenistan. The approach will use a combination of automated, traditional domain workflows and workflows driven by machine learning and AI to rapidly provide insights into development strategies for optimizing production across the life cycle of the assets.
- The Nigerian Department of Petroleum Resources (DPR) signed an agreement for the provision of a Schlumberger virtual data room in support of the first-ever virtual marginal fields bid round to be held this year. DPR is adopting Schlumberger digital technologies in alignment with its commitment to promoting Nigeria’s oil and gas assets online to a global audience in a secure digital environment. The agreement includes an online digital solution to support the bid round delivered by Schlumberger via software as a service (SaaS). The solution uses the Petrel* E&P software platform to improve subsurface insight and to identify bypassed reserves.
- GAIA Xchange* data marketplace, the world’s first digital E&P data marketplace, was launched in the first Schlumberger Online Conference. GAIA Xchange marketplace brings together global content providers and consumers on a single, open platform. The GAIA* digital subsurface platform enables customers to securely and instantly access multidomain, evergreen E&P data as a subscription from a growing number of content providers. GAIA Xchange marketplace has multiple E&P content providers who can showcase, manage, and deliver their data immediately to prospective buyers.
- In the Gulf of Mexico, Schlumberger used the Ora* intelligent wireline formation testing platform to characterize a complex reservoir in a deepwater exploration well for Repsol. Remote collaboration between the Repsol and Schlumberger teams in town and at the wellsite enabled the efficient deployment of the Ora platform, which secured pure fluid samples at multiple depths in the unconsolidated formation. The Ora platform’s technology helped the operator investigate reservoir fluid viscosity variations and conduct a high-quality deep transient testing on wireline—without flaring—to prove economic producibility. Repsol announced a significant discovery just days after the survey.
The
deployment of evolving, differentiated business models, fit-for-basin
technologies, and technology access with regional partners further
differentiate Schlumberger within the industry. A few examples of this
included:
- In the Gulf of Mexico, secure remote capabilities delivered by OneSubsea helped BP keep the Mad Dog 2 project on schedule. Using a suite of remote solutions, including remote customer-witness factory integration testing (FIT), a remote master control station, and integrated control and safety systems, OneSubsea was able to provide overviews of system functionality without requiring onsite witnessing. BP is now considering conducting all future FITs remotely, which would result in significant cost savings related to travel and further reduce operational risk.
- In West Texas, OneStim deployed fit-for-basin fracturing technology services to protect production from parent-child well interference effects for MDC Texas Energy. The service—comprised of BroadBand Shield* fracture-geometry control technology and the equipment required—was deployed in conjunction with a pumping and wellsite equipment services provider. After 60 days, the infill well treated with BroadBand Shield technology, located closest to the parent well, achieved approximately 10% higher production performance compared to an adjacent infill well farther from the parent well. The parent well experienced no detrimental production impact following the infill well’s stimulation treatments, indicating no negative fracture interference.
- Schlumberger entered into a collaboration agreement with China Petroleum Logging Co., Ltd (CPL), a subsidiary of China National Petroleum Corporation (CNPC), to jointly manufacture fit-for-basin wireline downhole technology in China. As part of this technology access agreement, Schlumberger will support CPL on the manufacturing and sustaining activities for ThruBit* through-the-bit logging services technology at the CPL technology center in Xi’an, Shaanxi province. The increasing number of horizontal wells undertaken by CNPC each year has made the differentiated technology of the ThruBit services platform essential to their reservoir evaluation strategy. This technology collaboration will enable CPL to significantly improve their logging capabilities in horizontal and vertical wells across China while increasing Schlumberger’s participation in this market.
- In Malaysia, the SpectraSphere* fluid mapping-while-drilling technology has helped add value to PETRONAS brownfield assets. The technology developed by Schlumberger Drilling & Measurements eliminated fluid uncertainty in untapped fault blocks while mitigating operational risks. SpectraSphere technology was successfully deployed in two field rejuvenation campaigns in the Temana and Dulang Fields, offshore Malaysia. It involved wellbores with up to 80° of inclination and large overbalance, resulting in approximately USD 2 million in operating cost savings. Fluid identification was performed in real-time, in multiple reservoir horizons. The data provided by SpectraSphere assisted PETRONAS petrotechnical experts to firm up and accelerate perforation and completion design, in addition to understanding the reservoir and improving reserve estimation.
This
quarter’s contract awards reflect the diversity of our business models
in different basins around the globe, including alignment with
in-country value, offshore processing, and subsea integration.
- Kuwait Oil Company awarded Schlumberger a five-year contract with an optional one-year extension valued at USD 320 million for the provision of coiled tubing and stimulation services. Some of the technologies include ACTive* real-time downhole coiled tubing services, OpenPath Reach* extended-contact stimulation service, and OpenPath Sequence* diversion stimulation service.
- In Oman, OQ—the company regrouping Oman Oil and Orpic Group's nine business units—awarded Schlumberger a contract valued at more than USD 125 million for the design, engineering, procurement, and construction of a production facility in the Bisat Field. The contract includes four years of operations and maintenance support with an optional one-year extension. First oil is scheduled for delivery in late 2021.
- SBM Offshore awarded Schlumberger five contracts for the provision of a comprehensive portfolio of processing technologies to be used on a floating production, storage, and offloading (FPSO) vessel. The packages will be delivered in 2022 and include NATCO DUAL FREQUENCY* electrostatic treaters, CYNARA* acid gas removal membrane systems, VORTOIL* deoiling hydrocyclones, and EPCON Dual* compact flotation units.
- China National Offshore Oil Corporation (CNOOC) awarded OneSubsea an engineering, procurement, and construction (EPC) contract for the supply of an integrated subsea production and processing system for the Lufeng 22-1 oil field in the South China Sea. The contract, valued at USD 143 million, includes subsea trees, an integrated boosting and manifold system, a unified control system, an integrated power-control umbilical, a virtual flow metering solution, and estimated services. The project consists of four deepwater wells and a 19-km tieback system to a newly built platform—the Lufeng 15-1—which will act as a central production and processing facility for the Lufeng development project.
Financial Tables
| |||||||||||
Condensed Consolidated Statement of Income (Loss)
| |||||||||||
(Stated in millions, except per share amounts)
| |||||||||||
Second Quarter
|
Six Months
| ||||||||||
Periods Ended June 30,
|
2020
|
2019
|
2020
|
2019
| |||||||
Revenue
|
$5,356
|
$8,269
|
$12,811
|
$16,149
| |||||||
Interest and other income
|
33
|
25
|
72
|
39
| |||||||
Expenses
| |||||||||||
Cost of revenue
|
4,925
|
7,252
|
11,548
|
14,209
| |||||||
Research & engineering
|
142
|
179
|
315
|
351
| |||||||
General & administrative
|
81
|
114
|
208
|
225
| |||||||
Impairments & other (1)
|
3,724
|
-
|
12,247
|
-
| |||||||
Interest
|
144
|
156
|
281
|
302
| |||||||
Income (loss) before taxes (1)
|
$(3,627
|
)
|
$593
|
$(11,716
|
)
|
$1,101
| |||||
Tax (benefit) expense (1)
|
(199
|
)
|
99
|
(920
|
)
|
178
| |||||
Net income (loss) (1)
|
$(3,428
|
)
|
$494
|
$(10,796
|
)
|
$923
| |||||
Net income attributable to noncontrolling interests
|
6
|
2
|
14
|
10
| |||||||
Net income (loss) attributable to Schlumberger (1)
|
$(3,434
|
)
|
$492
|
$(10,810
|
)
|
$913
| |||||
Diluted earnings (loss) per share of Schlumberger (1)
|
$(2.47
|
)
|
$0.35
|
$(7.79
|
)
|
$0.65
| |||||
Average shares outstanding
|
1,388
|
1,384
|
1,388
|
1,385
| |||||||
Average shares outstanding assuming dilution
|
1,388
|
1,395
|
1,388
|
1,396
| |||||||
Depreciation & amortization included in expenses (2)
|
$604
|
$938
|
$1,396
|
$1,841
| |||||||
(1)
|
See section entitled “Charges & Credits” for details.
| |
(2)
|
Includes
depreciation of property, plant and equipment and amortization of
intangible assets, multiclient seismic data costs, and APS investments.
|
Condensed Consolidated Balance Sheet
| |||||
(Stated in millions)
| |||||
Jun. 30,
|
Dec. 31,
| ||||
Assets
|
2020
|
2019
| |||
Current Assets
| |||||
Cash and short-term investments
|
$3,589
|
$2,167
| |||
Receivables
|
5,808
|
7,747
| |||
Other current assets
|
4,982
|
5,616
| |||
14,379
|
15,530
| ||||
Fixed assets
|
7,729
|
9,270
| |||
Multiclient seismic data
|
356
|
568
| |||
Goodwill
|
12,954
|
16,042
| |||
Intangible assets
|
3,622
|
7,089
| |||
Other assets
|
5,627
|
7,813
| |||
$44,667
|
$56,312
| ||||
Liabilities and Equity
| |||||
Current Liabilities
| |||||
Accounts payable and accrued liabilities
|
$9,824
|
$10,663
| |||
Estimated liability for taxes on income
|
1,054
|
1,209
| |||
Short-term borrowings and current portion of long-term debt
|
603
|
524
| |||
Dividends payable
|
184
|
702
| |||
11,665
|
13,098
| ||||
Long-term debt
|
16,763
|
14,770
| |||
Deferred taxes
|
42
|
491
| |||
Postretirement benefits
|
905
|
967
| |||
Other liabilities
|
2,836
|
2,810
| |||
32,211
|
32,136
| ||||
Equity
|
12,456
|
24,176
| |||
$44,667
|
$56,312
| ||||
Liquidity
| |||||||||||||
(Stated in millions)
| |||||||||||||
Components of Liquidity
|
Jun. 30,
2020 |
Mar. 31,
2020 |
Dec. 31,
2019 |
Jun. 30,
2019 | |||||||||
Cash and short-term investments
|
$3,589
|
$3,344
|
$2,167
|
$2,348
| |||||||||
Short-term borrowings and current portion of long-term debt
|
(603
|
)
|
(1,233
|
)
|
(524
|
)
|
(98
|
)
| |||||
Long-term debt
|
(16,763
|
)
|
(15,409
|
)
|
(14,770
|
)
|
(16,978
|
)
| |||||
Net Debt (1)
|
$(13,777
|
)
|
$(13,298
|
)
|
$(13,127
|
)
|
$(14,728
|
)
| |||||
Details of changes in liquidity follow:
| |||||||||||||
Six
|
Second
|
Six
| |||||||||||
Months
|
Quarter
|
Months
| |||||||||||
Periods Ended June 30,
|
2020
|
2020
|
2019
| ||||||||||
Net income (loss) before noncontrolling interests
|
$(10,796
|
)
|
$(3,428
|
)
|
$923
| ||||||||
Impairment and other charges, net of tax
|
11,230
|
3,503
|
-
| ||||||||||
$434
|
$75
|
$923
| |||||||||||
Depreciation and amortization (2)
|
1,396
|
604
|
1,841
| ||||||||||
Stock-based compensation expense
|
213
|
105
|
194
| ||||||||||
Change in working capital
|
(423
|
)
|
42
|
(1,460
|
)
| ||||||||
Other
|
(33
|
)
|
(23
|
)
|
(64
|
)
| |||||||
Cash flow from operations (3)
|
$1,587
|
$803
|
$1,434
| ||||||||||
Capital expenditures
|
(658
|
)
|
(251
|
)
|
(817
|
)
| |||||||
APS investments
|
(224
|
)
|
(61
|
)
|
(332
|
)
| |||||||
Multiclient seismic data capitalized
|
(61
|
)
|
(26
|
)
|
(109
|
)
| |||||||
Free cash flow (4)
|
$644
|
465
|
176
| ||||||||||
Dividends paid
|
(1,386
|
)
|
(694
|
)
|
(1,385
|
)
| |||||||
Stock repurchase program
|
(26
|
)
|
-
|
(199
|
)
| ||||||||
Business acquisitions and investments, net of cash acquired plus debt assumed
|
(20
|
)
|
(20
|
)
|
(17
|
)
| |||||||
Net proceeds from asset divestitures
|
298
|
-
|
-
| ||||||||||
Other
|
(160
|
)
|
(230
|
)
|
(29
|
)
| |||||||
Increase in Net Debt
|
(650
|
)
|
(479
|
)
|
(1,454
|
)
| |||||||
Net Debt, beginning of period
|
(13,127
|
)
|
(13,298
|
)
|
(13,274
|
)
| |||||||
Net Debt, end of period
|
$(13,777
|
)
|
$(13,777
|
)
|
$(14,728
|
)
| |||||||
(1)
|
“Net
Debt” represents gross debt less cash, short-term investments, and
fixed income investments, held to maturity. Management believes that Net
Debt provides useful information regarding the level of Schlumberger’s
indebtedness by reflecting cash and investments that could be used to
repay debt. Net Debt is a non-GAAP financial measure that should be
considered in addition to, not as a substitute for or superior to, total
debt.
| |
(2)
|
Includes
depreciation of property, plant and equipment and amortization of
intangible assets, multiclient seismic data costs, and APS investments.
| |
(3)
|
Includes
severance payments of $426 million and $370 million during the six
months and second quarter ended June 30, 2020, respectively; and $71
million and $23 million during the six months and second quarter ended
June 30, 2019, respectively.
| |
(4)
|
“Free
cash flow” represents cash flow from operations less capital
expenditures, APS investments, and multiclient seismic data costs
capitalized. Management believes that free cash flow is an important
liquidity measure for the company and that it is useful to investors and
management as a measure of Schlumberger’s ability to generate cash.
Once business needs and obligations are met, this cash can be used to
reinvest in the company for future growth or to return to shareholders
through dividend payments or share repurchases. Free cash flow does not
represent the residual cash flow available for discretionary
expenditures. Free cash flow is a non-GAAP financial measure that should
be considered in addition to, not as substitute for or superior to,
cash flow from operations.
|
Charges & Credits
In
addition to financial results determined in accordance with US
generally accepted accounting principles (GAAP), this second-quarter
2020 earnings release also includes non-GAAP financial measures (as
defined under the SEC’s Regulation G). In addition to the non-GAAP
financial measures discussed under “Liquidity”, net income (loss),
excluding charges & credits, as well as measures derived from it
(including diluted EPS, excluding charges & credits; Schlumberger
net income (loss), excluding charges & credits; and effective tax
rate, excluding charges & credits) are non-GAAP financial measures.
Management believes that the exclusion of charges & credits from
these financial measures enables it to more effectively evaluate
Schlumberger’s operations period over period and to identify operating
trends that could otherwise be masked by the excluded items. These
measures are also used by management as performance measures in
determining certain incentive compensation. The foregoing non-GAAP
financial measures should be considered in addition to, not as a
substitute for or superior to, other measures of financial performance
prepared in accordance with GAAP. The following is a reconciliation of
these non-GAAP measures to the comparable GAAP measures.
(Stated in millions, except per share amounts)
| |||||||||||||||
Second Quarter 2020
| |||||||||||||||
Pretax
|
Tax
|
Noncont.
Interests |
Net
|
Diluted
EPS* | |||||||||||
Schlumberger net loss (GAAP basis)
|
$(3,627
|
)
|
$(199
|
)
|
$6
|
$(3,434
|
)
|
$(2.47
|
)
| ||||||
Workforce reductions
|
1,021
|
71
|
-
|
950
|
0.68
| ||||||||||
Asset performance solutions investments
|
730
|
15
|
-
|
715
|
0.52
| ||||||||||
Fixed asset impairments
|
666
|
52
|
-
|
614
|
0.44
| ||||||||||
Inventory write-downs
|
603
|
49
|
-
|
554
|
0.40
| ||||||||||
Right-of-use asset impairments
|
311
|
67
|
-
|
244
|
0.18
| ||||||||||
Costs associated with exiting certain activities
|
205
|
(25
|
)
|
-
|
230
|
0.17
| |||||||||
Multiclient seismic data impairment
|
156
|
2
|
-
|
154
|
0.11
| ||||||||||
Repurchase of bonds
|
40
|
2
|
-
|
38
|
0.03
| ||||||||||
Postretirement benefits curtailment gain
|
(69
|
)
|
(16
|
)
|
-
|
(53
|
)
|
(0.04
|
)
| ||||||
Other
|
61
|
4
|
-
|
57
|
0.04
| ||||||||||
Schlumberger net income, excluding charges & credits
|
$97
|
$22
|
$6
|
$69
|
$0.05
| ||||||||||
Six Months 2020
| |||||||||||||||
Pretax
|
Tax
|
Noncont.
Interests |
Net
|
Diluted
EPS* | |||||||||||
Schlumberger net loss (GAAP basis)
|
$(11,716
|
)
|
$(920
|
)
|
$14
|
$(10,810
|
)
|
$(7.79
|
)
| ||||||
Goodwill
|
3,070
|
-
|
-
|
3,070
|
2.21
| ||||||||||
Intangible assets
|
3,321
|
815
|
-
|
2,506
|
1.81
| ||||||||||
Asset performance solutions investments
|
1,994
|
11
|
-
|
1,983
|
1.43
| ||||||||||
Workforce reductions
|
1,223
|
78
|
-
|
1,145
|
0.82
| ||||||||||
Fixed asset impairments
|
666
|
52
|
-
|
614
|
0.44
| ||||||||||
Inventory write-downs
|
603
|
49
|
-
|
554
|
0.40
| ||||||||||
North America pressure pumping impairment
|
587
|
133
|
-
|
454
|
0.33
| ||||||||||
Right-of-use asset impairments
|
311
|
67
|
-
|
244
|
0.18
| ||||||||||
Costs associated with exiting certain activities
|
205
|
(25
|
)
|
-
|
230
|
0.17
| |||||||||
Multiclient seismic data impairment
|
156
|
2
|
-
|
154
|
0.11
| ||||||||||
Repurchase of bonds
|
40
|
2
|
-
|
38
|
0.03
| ||||||||||
Postretirement benefits curtailment gain
|
(69
|
)
|
(16
|
)
|
-
|
(53
|
)
|
(0.04
|
)
| ||||||
Other
|
140
|
13
|
-
|
127
|
0.09
| ||||||||||
Valuation allowance
|
-
|
(164
|
)
|
-
|
164
|
0.12
| |||||||||
Schlumberger net income, excluding charges & credits
|
$531
|
$97
|
$14
|
$420
|
$0.30
| ||||||||||
* Does not add due to rounding.
| |||||||||||||||
(Stated in millions, except per share amounts)
| |||||||||||||||
First Quarter 2020
| |||||||||||||||
Pretax
|
Tax
|
Noncont.
Interests |
Net
|
Diluted
EPS | |||||||||||
Schlumberger net loss (GAAP basis)
|
$(8,089
|
)
|
$(721
|
)
|
$8
|
$(7,376
|
)
|
$(5.32
|
)
| ||||||
Goodwill
|
3,070
|
-
|
-
|
3,070
|
2.21
| ||||||||||
Intangible assets impairments
|
3,321
|
815
|
-
|
2,506
|
1.81
| ||||||||||
Asset performance solutions investments
|
1,264
|
(4
|
)
|
-
|
1,268
|
0.91
| |||||||||
North America pressure pumping impairment
|
587
|
133
|
-
|
454
|
0.33
| ||||||||||
Workforce reductions
|
202
|
7
|
-
|
195
|
0.14
| ||||||||||
Other
|
79
|
9
|
-
|
70
|
0.05
| ||||||||||
Valuation allowance
|
-
|
(164
|
)
|
-
|
164
|
0.12
| |||||||||
Schlumberger net income, excluding charges & credits
|
$434
|
$75
|
$8
|
$351
|
$0.25
| ||||||||||
There were no charges or credits during the first six months of 2019.
Segments
(Stated in millions)
| |||||||||||||||||
Three Months Ended
| |||||||||||||||||
Jun. 30, 2020
|
Mar. 31, 2020
|
Jun. 30, 2019
| |||||||||||||||
Revenue
|
Income
(Loss) Before
Taxes
|
Revenue
|
Income
(Loss) Before Taxes |
Revenue
|
Income
Before Taxes | ||||||||||||
Reservoir Characterization
|
$1,052
|
$185
|
$1,311
|
$184
|
$1,558
|
$317
| |||||||||||
Drilling
|
1,731
|
165
|
2,289
|
285
|
2,420
|
301
| |||||||||||
Production
|
1,615
|
25
|
2,703
|
212
|
3,077
|
235
| |||||||||||
Cameron
|
1,015
|
80
|
1,254
|
121
|
1,328
|
165
| |||||||||||
Eliminations & other
|
(57
|
)
|
(59
|
)
|
(102
|
)
|
(26
|
)
|
(114
|
)
|
(50
|
)
| |||||
Pretax segment operating income
|
396
|
776
|
968
| ||||||||||||||
Corporate & other
|
(169
|
)
|
(228
|
)
|
(238
|
)
| |||||||||||
Interest income(1)
|
7
|
15
|
9
| ||||||||||||||
Interest expense(1)
|
(137
|
)
|
(129
|
)
|
(146
|
)
| |||||||||||
Charges & credits(2)
|
(3,724
|
)
|
(8,523
|
)
|
-
| ||||||||||||
$5,356
|
$(3,627
|
)
|
$7,455
|
$(8,089
|
)
|
$8,269
|
$593
| ||||||||||
(Stated in millions)
| |||||||||||
Six Months Ended
| |||||||||||
Jun. 30, 2020
|
Jun. 30, 2019
| ||||||||||
Revenue
|
Income
(Loss) Before Taxes |
Revenue
|
Income
Before
Taxes
| ||||||||
Reservoir Characterization
|
$2,363
|
$369
|
$3,017
|
$598
| |||||||
Drilling
|
4,020
|
450
|
4,806
|
608
| |||||||
Production
|
4,318
|
237
|
5,967
|
453
| |||||||
Cameron
|
2,270
|
201
|
2,586
|
313
| |||||||
Eliminations & other
|
(160
|
)
|
(85
|
)
|
(227
|
)
|
(96
|
)
| |||
Pretax operating income
|
1,172
|
1,876
| |||||||||
Corporate & other
|
(397
|
)
|
(511
|
)
| |||||||
Interest income(1)
|
22
|
18
| |||||||||
Interest expense(1)
|
(266
|
)
|
(282
|
)
| |||||||
Charges & credits(2)
|
(12,247
|
)
|
-
| ||||||||
$12,811
|
$(11,716
|
)
|
$16,149
|
$1,101
| |||||||
(1)
|
Excludes interest included in the segment results.
| |
(2)
|
See section entitled “Charges & Credits” for details.
|
Prior period amounts have been reclassified to the current period presentation.
Supplemental Information
1)
|
What is the capital investment guidance for the full year 2020?
| |
Capital
investment (comprised of capex, multiclient, and APS investments) for
the full year 2020 is expected to be approximately $1.5 billion, which
is approximately 45% lower than 2019. Capex is expected to be
approximately $1.1 billion in 2020 as compared to $1.7 billion in 2019.
APS investments will be about $300 million in 2020 as compared to $781
million in 2019.
| ||
2)
|
What were the cash flow from operations and free cash flow for the second quarter of 2020?
| |
Cash
flow from operations for the second quarter of 2020 was $803 million.
Free cash flow for the second quarter of 2020 was $465 million, despite
making $370 million of severance payments during the quarter.
| ||
3)
|
What was included in “Interest and other income” for the second quarter of 2020?
| |
“Interest
and other income” for the second quarter of 2020 was $33 million. This
amount consisted of earnings of equity method investments of $26 million
and interest income of $7 million.
| ||
4)
|
How did interest income and interest expense change during the second quarter of 2020?
| |
Interest
income of $7 million for the second quarter of 2020 decreased $8
million sequentially. Interest expense of $144 million increased $8
million sequentially.
| ||
5)
|
What is the difference between Schlumberger’s consolidated income (loss) before taxes and pretax segment operating income?
| |
The
difference principally consists of corporate items, charges and
credits, and interest income and interest expense not allocated to the
segments as well as stock-based compensation expense, amortization
expense associated with certain intangible assets, certain centrally
managed initiatives, and other nonoperating items.
| ||
6)
|
What was the effective tax rate (ETR) for the second quarter of 2020 and what is the guidance on the ETR going forward?
| |
The
ETR for the second quarter of 2020, calculated in accordance with GAAP,
was 5.5% as compared to 8.9% for the first quarter of 2020. Excluding
charges and credits, the ETR for the second quarter of 2020 was 22.6% as
compared to 17.2% for the first quarter of 2020. The ETR, excluding
charges and credits, is expected to remain in the low twenties for the
rest of 2020.
| ||
7)
|
How
many shares of common stock were outstanding as of June 30, 2020 and
how did this change from the end of the previous quarter?
| |
There were 1.388 billion shares of common stock outstanding as of June 30, 2020 and March 31, 2020.
|
(Stated in millions)
| ||
Shares outstanding at March 31, 2020
|
1,388
| |
Shares issued under employee stock purchase plan
|
-
| |
Vesting of restricted stock
|
-
| |
Stock repurchase program
|
-
| |
Shares outstanding at June 30, 2020
|
1,388
| |
8)
|
What
was the weighted average number of shares outstanding during the second
quarter of 2020 and first quarter of 2020? How does this reconcile to
the average number of shares outstanding, assuming dilution, used in the
calculation of diluted earnings per share, excluding charges and
credits?
| |
The
weighted average number of shares outstanding was 1.388 billion during
the second quarter of 2020 and 1.387 billion during the first quarter of
2020.
| ||
The
following is a reconciliation of the weighted average shares
outstanding to the average number of shares outstanding, assuming
dilution, used in the calculation of diluted earnings per share,
excluding charges and credits.
|
(Stated in millions)
| ||||
Second Quarter
2020 |
First Quarter
2020 | |||
Weighted average shares outstanding
|
1,388
|
1,387
| ||
Assumed exercise of stock options
|
-
|
-
| ||
Unvested restricted stock
|
15
|
16
| ||
Average shares outstanding, assuming dilution
|
1,403
|
1,403
| ||
9)
|
What was the unamortized balance of Schlumberger’s investment in APS projects at June 30, 2020?
| |
The
unamortized balance of Schlumberger’s investments in APS projects was
approximately $1.8 billion at June 30, 2020 and $2.5 billion at March
31, 2020. These amounts are included within Other Assets in Schlumberger’s Condensed Consolidated Balance Sheet.
| ||
10)
|
What are the components of depreciation and amortization expense for the second quarter of 2020 and the first quarter of 2020?
| |
The
components of depreciation and amortization expense for the second
quarter of 2020 and first quarter of 2020 were as follows:
|
(Stated in millions)
| ||||
Second Quarter
2020 |
First Quarter
2020 | |||
Depreciation of fixed assets
|
$417
|
$449
| ||
Amortization of intangible assets
|
80
|
133
| ||
Amortization of APS investments
|
58
|
163
| ||
Amortization of multiclient seismic data costs capitalized
|
49
|
47
| ||
$604
|
$792
| |||
11)
|
What was the amount of WesternGeco multiclient sales in the second quarter of 2020?
| |
Multiclient
sales, including transfer fees, were $71 million in the second quarter
of 2020 and $88 million in the first quarter of 2020.
| ||
12)
|
What was the WesternGeco backlog at the end of the second quarter of 2020?
| |
The
WesternGeco backlog, which is based on signed contracts with customers,
was $248 million at the end of the second quarter of 2020. It was $282
million at the end of the first quarter of 2020.
| ||
13)
|
What
was the book-to-bill ratio for Cameron’s long-cycle businesses? What
were the orders and backlog for Cameron’s OneSubsea and Drilling Systems
businesses?
| |
The
book-to-bill ratio for the Cameron long-cycle businesses was 0.7. The
OneSubsea and Drilling Systems orders and backlog were as follows:
|
(Stated in millions)
| ||||
Orders
|
Second Quarter
2020 |
First Quarter
2020 | ||
OneSubsea
|
$277
|
$371
| ||
Drilling Systems
|
$95
|
$317
| ||
Backlog (at the end of period)
| ||||
OneSubsea
|
$2,139
|
$2,241
| ||
Drilling Systems
|
$457
|
$526
| ||
14)
|
What are the components of the $3.7 billion of charges recorded during the second quarter of 2020?
| |
The components of the $3.7 billion net pretax charge are as follows (in millions):
|
Severance (a)
|
$1,021
| ||
APS investments (b)
|
730
| ||
Fixed assets impairments(c)
|
666
| ||
Inventory write-downs(d)
|
603
| ||
Right-of-use asset impairments(e)
|
311
| ||
Costs associated with exiting certain activities
|
205
| ||
Multiclient seismic data impairment
|
156
| ||
Repurchase of bonds
|
40
| ||
Postretirement benefits curtailment gain
|
(69
|
)
| |
Other(f)
|
61
| ||
$3,724
|
(a)
|
Severance
is associated with reducing Schlumberger’s workforce by more than
21,000 employees. The vast majority of this charge is expected to be
paid during the second half of 2020.
| |
(b)
|
Relates to the carrying value of certain APS projects in Latin America.
| |
(c)
|
Consists of equipment that will no longer be utilized and facilities Schlumberger is exiting.
| |
(d)
|
Represents the write-down of inventory to its net realizable value.
| |
(e)
|
Relates to assets under operating leases associated with leased facilities Schlumberger is exiting and excess equipment.
| |
(f)
|
Includes a $42 million increase to the allowance for the doubtful accounts.
|
About Schlumberger
Schlumberger
is the world’s leading provider of technology for reservoir
characterization, drilling, production, and processing to the oil and
gas industry. With product sales and services in more than 120 countries
and employing approximately 85,000 people as of the end of the second
quarter of 2020 who represent over 170 nationalities, Schlumberger
supplies the industry’s most comprehensive range of products and
services, from exploration through production, and integrated
pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver
reservoir performance sustainably.
Schlumberger
Limited has executive offices in Paris, Houston, London, and The Hague,
and reported revenues of $32.92 billion in 2019. For more information,
visit www.slb.com.
*Mark of Schlumberger or Schlumberger companies.
Notes
Schlumberger
will hold a conference call to discuss the earnings press release and
business outlook on Friday, July 24, 2020. The call is scheduled to
begin at 8:30 a.m. US Eastern Time. To access the call, which is open to
the public, please contact the conference call operator at +1 (844)
721-7241 within North America, or +1 (409) 207-6955 outside North
America, approximately 10 minutes prior to the call’s scheduled start
time, and provide the access code 4013483. At the conclusion of the
conference call, an audio replay will be available until August 24, 2020
by dialing +1 (866) 207-1041 within North America, or +1 (402) 970-0847
outside North America, and providing the access code 7688409. The
conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. A replay of the webcast will also be available at the same website until August 24, 2020.
This
second-quarter 2020 earnings release, as well as other statements we
make, contain “forward-looking statements” within the meaning of the
federal securities laws, which include any statements that are not
historical facts, such as our forecasts or expectations regarding
business outlook; growth for Schlumberger as a whole and for each of its
product lines (and for specified products or geographic areas within
each product line); oil and natural gas demand and production growth;
oil and natural gas prices; pricing; Schlumberger’s response to, and
preparedness for, the COVID-19 pandemic; access to raw materials;
improvements in operating procedures and technology; capital
expenditures by Schlumberger and the oil and gas industry; the business
strategies of Schlumberger and Schlumberger’s customers; Schlumberger’s
digital strategy; Schlumberger’s restructuring efforts and charges
recorded as a result of such efforts; our effective tax rate;
Schlumberger’s APS projects, joint ventures, and alliances; future
global economic and geopolitical conditions; and future results of
operations. These statements are subject to risks and uncertainties,
including, but not limited to, changing global economic conditions;
changes in exploration and production spending by Schlumberger’s
customers, and changes in the level of oil and natural gas exploration
and development; the results of operations and financial condition of
Schlumberger’s customers and suppliers, particularly during extended
periods of low prices for crude oil and natural gas; Schlumberger’s
inability to sufficiently monetize assets; the extent of future charges;
general economic, geopolitical, and business conditions in key regions
of the world; foreign currency risk; pricing pressure; weather and
seasonal factors; unfavorable effects of health pandemics; availability
and cost of raw materials; operational modifications, delays, or
cancellations; challenges in Schlumberger’s supply chain; production
declines; Schlumberger’s inability to recognize intended benefits from
its business strategies and initiatives, such as digital or new energy;
changes in government regulations and regulatory requirements, including
those related to offshore oil and gas exploration, radioactive sources,
explosives, chemicals, hydraulic fracturing services, and
climate-related initiatives; the inability of technology to meet new
challenges in exploration; the competitiveness of alternative energy
sources or product substitutes; and other risks and uncertainties
detailed in this second-quarter 2020 earnings release and our most
recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the
Securities and Exchange Commission. If one or more of these or other
risks or uncertainties materialize (or the consequences of any such
development changes), or should our underlying assumptions prove
incorrect, actual outcomes may vary materially from those reflected in
our forward-looking statements. Statements in this second-quarter 2020
earnings release are made as of July 24, 2020, and Schlumberger
disclaims any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events, or
otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200724005185/en/
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