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» Schlumberger Announces Second-Quarter 2018 Results
Schlumberger Announces Second-Quarter 2018 Results
• Revenue of $8.3 billion increased 6% sequentially • Pretax operating income of $1.1 billion increased 12% sequentially • Second-quarter GAAP EPS, including charges of $0.12 per share, was $0.31 • Second-quarter EPS, excluding charges, was $0.43 • Cash flow from operations was $987 million PARIS-Tuesday 24 July 2018 [ AETOS Wire ] (BUSINESS WIRE)-- Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2018. (Stated in millions, except per share amounts) Three Months Ended Change Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Sequential Year-on-year Revenue $8,303 $7,829 $7,462 6% 11% Pretax operating income $1,094 $974 $950 12% 15% Pretax operating margin 13.2% 12.4% 12.7% 75 bps 45 bps Net income - GAAP basis $430 $525 $(74) -18% n/m Net income, excluding charges & credits* $594 $525 $488 13% 22% Diluted EPS - GAAP basis $0.31 $0.38 $(0.05) -18% n/m Diluted EPS, excluding charges & credits* $0.43 $0.38 $0.35 13% 23% *These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details. n/m = not meaningful Schlumberger Chairman and CEO Paal Kibsgaard commented, "The second quarter was both busy and exciting for Schlumberger as we completed a number of major milestones in preparation for the broad-based global activity upturn that is now emerging. We delivered solid top-line growth both in North America and the international markets, building on our strong contract portfolios and our recent tender wins. We mobilized an unprecedented 29 new rigs for our international integrated drilling business, including our first commercial Land Rig of the Future deployment in Saudi Arabia. We successfully rolled out our new, streamlined operations support organization, building on five years of methodical investment to further professionalize all aspects of our work, which will set new standards for internal efficiency, quality, teamwork, and collaboration. As part of this, we made the last adjustment to our organizational setup in the second quarter to conclude the removal of one complete layer of our management and support structure. This will further reduce our cost base, and improve our agility and competitiveness going forward. "Given the considerable number of new projects we are starting up throughout our international operations, our organization has responded well to both mobilization and project startup challenges. However, the associated costs together with some operational delays impacted our second-quarter pretax operating margins. This resulted in our sequential margin expansion being below our expectations. "In North America, excluding Cameron, second-quarter revenue of $2.5 billion increased 12% sequentially as we continued our deployment of additional hydraulic fracturing and directional drilling capacity. Despite the impact of the spring breakup in Canada, North America Land revenue grew 9%, driven by market share gains and operational efficiency improvements while pricing remained flat. In the hydraulic fracturing market, we are seeing an accelerating customer trend of separating the procurement of pumping services and sand supply. As our multiyear vertical integration investment program approaches completion, it enables us to bid competitively on integrated or stand-alone sand contracts. North America Offshore activity began to recover during the second quarter with new drilling projects starting up in Eastern Canada, the US Gulf of Mexico, and the Caribbean, resulting in sequential offshore revenue growth of 22%. "Excluding Cameron, second-quarter revenue in the international markets of $4.4 billion grew 6% sequentially despite flat revenue in Russia, and only nominal growth in the Middle East, where startup and project delays affected our results. Sequential growth was driven by an 18% improvement in Asia and Australia, 9% in Europe and Africa, and 3% in Latin America. These figures confirm that a much broader-based international recovery is now emerging. Pricing improved in the international markets during the second quarter, and while the numbers are not yet material, a trend has been established and customer pricing discussions are continuing both for new and existing contracts. With a number of large-scale project awards absorbing our remaining spare capacity in both drilling and production services, our equipment will be fully deployed during the fourth quarter, after which we expect a further strengthening of the international pricing recovery. "Growth in the second quarter was led by Production where revenue increased sequentially by 10%, driven by OneStimSM in North America. Revenue from both Reservoir Characterization and Drilling increased 5% sequentially due to higher international activity beyond the seasonal rebounds in the Northern Hemisphere. The increase in revenue was driven by higher OneSurfaceSM activity, additional Software Integrated Solutions (SIS) sales, and the start of integrated drilling projects in the Middle East, India, Mexico, and offshore North America. Cameron revenue decreased 1% sequentially on lower OneSubseaTM project volume, although this was partially offset by higher service activity in North America for Surface Systems and higher product sales for Valves & Measurement. "The market fundamentals continue to evolve favorably for our international business as the global balance of crude oil supply and demand tightens further. Global GDP growth remains strong, with any impact of headwinds from the US-China trade dispute likely to become clearer in the next few quarters. Despite OPEC's recent decision to increase production, the global supply base continues to weaken from geopolitical pressure to remove Iranian production from the market, no apparent resolution to falling production in Venezuela, and Libyan exports continuing to be volatile. In North America, lack of additional pipeline capacity in the Permian Basin is becoming an increasing constraint to production growth. At the same time, spare production capacity, which is essentially limited to only a few OPEC countries, is now nearing its lowest level for more than a decade while decline in the world's mature production base continues to accelerate. These developments underline the growing need for E&P spending to increase significantly, particularly in the international markets, as it is becoming more and more apparent that the new projects expected to come online during the next few years will not be sufficient to meet the increasing demand. "These views underpin the strong confidence we have in our business outlook. Although the last four years have been marked by the deepest downturn in generations, we have capitalized on a number of market opportunities while simultaneously transforming our company to be even more competitive in the broad-based recovery that is now emerging. The expansion of our portfolio has significantly increased our total addressable market by 50% and we have reached new levels of efficiency in all our activities. We are primed and ready to capture the growth opportunities coming from the positive market fundamentals, and we are excited by the activity and pricing opportunities that the new industry landscape presents." Other Events During the quarter, Schlumberger repurchased 1.5 million shares of its common stock at an average price of $68.45 per share, for a total purchase price of $103 million. On July 18, 2018, the Company's Board of Directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on October 12, 2018 to stockholders of record on September 5, 2018. Consolidated Revenue by Area (Stated in millions) Three Months Ended Change Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Sequential Year-on-year North America $3,139 $2,835 $2,202 11% 43% Latin America 919 870 1,039 6% -12% Europe/CIS/Africa 1,778 1,704 1,750 4% 2% Middle East & Asia 2,367 2,309 2,347 3% 1% Other 99 111 124 n/m n/m $8,303 $7,829 $7,462 6% 11% North America revenue $3,139 $2,835 $2,202 11% 43% International revenue $5,065 $4,883 $5,136 4% -1% North America revenue, excluding Cameron $2,528 $2,265 $1,728 12% 46% International revenue, excluding Cameron $4,358 $4,129 $4,348 6% - n/m = not meaningful Second-quarter consolidated revenue of $8.3 billion increased 6% sequentially, with North America revenue of $3.1 billion growing 11% and international revenue of $5.1 billion increasing 4%. North America North America Area consolidated revenue increased 11% sequentially following the continued deployment of additional hydraulic fracturing and directional drilling capacity. Despite the impact of the spring breakup in Canada, North America Land revenue grew 9% sequentially, outperforming both the 7% increase in US land rig count and the 8% growth in US land market stage count. This performance was driven by market share gains and operational efficiency improvements as pricing remained flat. Activity in the US land market continued to be strong as customers developed more effective well designs, balancing lateral length and completion volumes to maximize productivity while managing overall cost. The customer trend of separating the procurement of pumping services and sand supply accelerated during the quarter. However, the vertical integration of the Schlumberger offering provides maximum potential for revenue from both integrated pumping services and sand supply contracts. As a result, OneStim revenue grew 17% sequentially. North America Offshore activity began to recover, with new drilling projects starting up in Eastern Canada, the US Gulf of Mexico, and the Caribbean, resulting in sequential revenue growth of 22% boosted by market share gains and multiclient sales. Higher service revenue and product sales in Valves & Measurement, together with increased activity for Surface Systems, also contributed to the Area's strong financial performance. International Consolidated revenue in the Latin America Area increased 6% sequentially due to strong performance in the Latin America South GeoMarket as a result of higher Cameron activity and increased hydraulic fracturing stage count, as well as increased coiled tubing activity on unconventional land operations in Argentina. Revenue in the Mexico & Central America GeoMarket also increased following the start up of Integrated Drilling Services (IDS) activity, while revenue in the Latin America North GeoMarket was essentially flat sequentially. Europe/CIS/Africa Area consolidated revenue increased 4% as drilling activity recovered from the winter slowdowns in the North Sea and Europe. Revenue in Sub-Sahara Africa increased from the start of new projects in Angola, Nigeria, Ghana, Ivory Coast, and Cameroon; North Africa increased from higher activity and product sales in Algeria, Libya, and Chad; and Russia was essentially flat sequentially due to delays in the startup of the summer offshore campaigns. Revenue growth in the North Sea resulted from higher UK and Norway drilling activity as the rig count increased, while in Continental Europe revenue increased mainly from higher drilling activity in Romania. Consolidated revenue in the Middle East & Asia Area increased 3% sequentially, led by stronger activity in the Far East Asia & Australia GeoMarket, mainly in Indonesia, offshore Australia, and from a seasonal recovery in China. In the Northern Middle East GeoMarket, progress was strong on OneSurface integrated production system projects in Kuwait and Egypt, while the Eastern Middle East GeoMarket benefited from the start up of IDS projects in Iraq. In the South & East Asia GeoMarket, operations began on drilling projects in Myanmar, Vietnam, and India. In Saudi Arabia, sequential revenue growth was limited by delays and logistical challenges in the startup phases of some lump-sum turnkey (LSTK) projects. Cameron revenue was sequentially lower in the Far East Asia & Australia and Northern Middle East GeoMarkets, partially offsetting the effects of the strengthening activity across the Area. Reservoir Characterization (Stated in millions) Three Months Ended Change Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Sequential Year-on-year Revenue $1,636 $1,556 $1,759 5% -7% Pretax operating income $350 $307 $299 14% 17% Pretax operating margin 21.4% 19.7% 17.0% 166 bps 439 bps Reservoir Characterization revenue of $1.6 billion, of which 75% came from the international markets, increased 5% sequentially due to higher activity beyond the seasonal rebounds in the Northern Hemisphere. Growth was mainly due to higher Wireline activity from new projects offshore North America and new contracts in the Far East Asia & Australia GeoMarket; further progress on OneSurface integrated production system projects in Kuwait and Egypt; and increased SIS software maintenance and license sales in Mexico, Brazil, Russia, and Kuwait. The increase in Reservoir Characterization revenue was partially offset by reduced WesternGeco activity as marine seismic acquisition contracts continued to wind down. Reservoir Characterization pretax operating margin of 21% was 166 basis points (bps) higher sequentially due to the recovery in higher-margin Wireline activity and stronger sales of SIS software licenses. Reservoir Characterization benefited from Integrated Services Management (ISM), SIS, and WesternGeco contract awards as well as the application of technology and domain knowledge to strengthen operational performance. In Alaska, ISM helped a major independent E&P company complete a six-well exploration campaign within the originally approved five-well budget. The ISM team optimized the delivery of technologies and services from multiple product lines, which confirmed the presence of oil and verified the potential of the play. The technologies included Microscope HD* resistivity- and high-definition imaging-while-drilling service, proVISION* nuclear magnetic resonance service, SonicScope* multipole sonic-while-drilling service, and Saturn* 3D radial probe. International Frontier Resources Corporation awarded SIS a software as a service contract (SaaS) for the DELFI* cognitive E&P environment for the characterization of reservoirs with complex structural and stratigraphic challenges in its operations in the Tecolutla Project. In Indonesia, Pertamina Hulu Mahakam awarded Schlumberger a three-year contract for the provision of E&P software. The software includes OLGA* dynamic multiphase flow, PIPESIM* steady-state multiphase flow, and ECLIPSE* industry-reference reservoir simulators; ProSource* E&P data management and delivery system; and Petrel* E&P software and Avocet* production operations software platforms. In Thailand, Wireline deployed a combination of advanced reservoir sampling technologies in the Wassana Field for KrisEnergy Thailand to reduce rig time by more than three days compared with conventional sampling methods. These had resulted in contaminated samples and a clogged pump due to the reservoir's heavy oil and unconsolidated sands. The combination of Saturn 3D radial probe, InSitu Fluid Analyzer* real-time downhole fluid analysis system, and MDT* modular formation dynamics tester technologies enabled the customer to certify the reservoir's reserves and optimize future development plans. Egyptian General Petroleum Corporation (EGPC) and Schlumberger have signed a minimum 15-year agreement that gives WesternGeco permission to commercialize multiclient projects throughout the entire Gulf of Suez, an area of approximately 12,500 km2. The agreement, which is the second of its type, includes 2D and 3D geophysical acquisition, processing, reprocessing, and interpretation services. Lundin awarded WesternGeco the data processing and imaging of a 70-km2 ocean-bottom seismic (OBS) 4D reservoir monitoring survey over the Edvard Grieg Field in the Norwegian sector of the North Sea. Work will be performed by the OBS processing teams in the WesternGeco Geosolutions Center using a bespoke time-lapse workflow to increase reservoir understanding and help direct field development decisions. WesternGeco received a direct award from Sound Energy for a 2,700-km 2D survey using UniQ* land seismic acquisition platform technology over the Meridja and Tendrara Fields in Morocco. The project includes electromagnetics, magnetotellurics, surface wave joint inversion, and data processing methods—all conducted in the Schlumberger Integrated EM Center of Excellence. Drilling (Stated in millions) Three Months Ended Change Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Sequential Year-on-year Revenue $2,234 $2,126 $2,107 5% 6% Pretax operating income $289 $293 $302 -1% -4% Pretax operating margin 12.9% 13.8% 14.3% -83 bps -139 bps Drilling revenue of $2.2 billion, of which 72% came from the international markets, increased 5% sequentially due to higher activity offshore North America and stronger international activity beyond the seasonal rebounds in the Northern Hemisphere. The start of IDS projects in the Middle East, India, and Mexico favorably impacted M-I SWACO, Drilling & Measurements, and Bits & Drilling Tools. New projects in the North America Offshore GeoMarket and new contracts in the Far East Asia & Australia GeoMarket, the Middle East, and the Mexico & Central America GeoMarket drove the growth in M-I SWACO. Drilling & Measurements revenue increased from new drilling campaigns in Australia, China, Romania, and the North Sea. Stronger Bits & Drilling Tools revenue was due to higher product sales in Algeria and Italy. Drilling pretax operating margin of 13% declined 83 bps sequentially as the mobilization of resources for new projects across our international operations resulted in additional costs. Drilling performance in the second quarter was underpinned by IDS contract awards and project mobilizations that deployed drilling technologies to help lower the cost per barrel. Equinor awarded Schlumberger new integrated services and well services contracts for Equinor-operated fields on the Norwegian Continental Shelf. Initially awarded for four years, the contracts include options for five two-year extensions. The contract scope includes integrated drilling services, cementing and pumping, drilling and completions fluids, electrical logging, and completions. The integrated delivery model will strengthen the interaction between the service supplier, rig supplier, and operator. In addition, a letter of intent has been signed with Schlumberger for a future exploration rig not yet chartered by Equinor. Equinor also awarded Schlumberger the following new contracts for its international operations. • In the UK, a letter of intent was issued for integrated drilling and well services in the Mariner Field in the UK sector of the North Sea. • In Brazil, a contract was awarded for integrated drilling services for Phase I and Phase II development of the Peregrino Field located in the Campos Basin. • In Tanzania, a contract was awarded for an offshore exploration well. The integrated services contract includes the provision of multiple product lines as well as project management services. In Wyoming, Schlumberger used a combination of technologies in an integrated drilling services project for Wold Energy Partners to reduce drilling time in four wells in the Powder River Basin by a total of more than 16 days compared with AFE. Technologies included ONYX 360* rolling PDC cutter, PowerDrive vorteX* powered rotary steerable system, and LiteCRETE* lightweight cement slurry. In Iraq, ENI Iraq BV awarded Schlumberger an IDS contract, starting in 2018, for the construction of 11 wells targeting the Mishrif Formation in the Zubair Field. The contract includes technologies from Schlumberger Land Rigs, Drilling & Measurements, Bits & Drilling Tools, M-I SWACO, Completions, Wireline, and Well Services. In Norway, Point Resources AS awarded Schlumberger a four-year IDS contract with an option for extension. The contract provides services in production and exploration wells on the Norwegian Continental Shelf and includes the majority of drilling and completions services. In Bangladesh, SOCAR AQS International DMCC awarded Schlumberger a 12-month IDS contract to drill wells in three different fields—Semutang, Begumganj, and Madarganj. In Oman, IDS enabled HydroCarbon Finder E&P to reduce drilling time in a well by 14 days compared with the AFE plan. The technologies deployed included the EcoScope*† multifunction logging-while-drilling service, PowerDrive Archer* high build rate rotary steerable system, PeriScope* bed boundary mapping service, and MicroScope* resistivity- and imaging-while-drilling service. This well is the customer's first discovery in Block-15 in the Natih-C Formation. In Alaska, Drilling & Measurements used a combination of technologies to help a North Slope operator to drill the longest horizontal lateral in North America of 21,748 ft. The technologies used in this dual-lateral well included the PowerDrive Orbit* rotary steerable system, PeriScope HD* multilayer bed boundary detection service, and SonicScope multipole sonic-while-drilling service. Production (Stated in millions) Three Months Ended Change Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Sequential Year-on-year Revenue $3,257 $2,959 $2,496 10% 30% Pretax operating income $316 $216 $221 46% 43% Pretax operating margin 9.7% 7.3% 8.9% 239 bps 84 bps Production revenue of $3.3 billion, of which 48% came from the international markets, increased 10% sequentially. Despite the impact of the spring breakup in Canada, OneStim revenue in North America land grew 17% sequentially, outperforming both the 7% increase in US land rig count and the 8% growth in US land market stage count. This performance was driven by market share gains from deployment of additional capacity and operational efficiency improvements as pricing remained flat. The customer trend of separating the procurement of pumping services and sand supply accelerated during the quarter. However, the vertical integration of the Schlumberger offering enabled participation in both integrated and stand-alone sand contracts to maintain the full revenue potential of both pumping services and sand supply. New contracts outside North America in Australia, Indonesia, India, and the seasonal recovery in China contributed to international growth, while activity in Saudi Arabia benefited from increased stimulation and coiled tubing work as well as from higher completions product sales. Production pretax operating margin of 10% increased 239 bps sequentially due to the increased activity and operational efficiency improvements of OneStim hydraulic fracturing operations in the North America Land GeoMarket. Margin also improved due to the benefits from the vertical integration of the pressure pumping business. Production benefited from increased OneStim operations as well as new contract awards and the deployment of advanced stimulation and completions technologies. In South Texas, OneStim executed a project for Chesapeake Energy to continuously improve operational efficiency in the Eagle Ford Shale play. Through waste identification and elimination, standardized procedures, and technology implementation, OneStim increased total operating time and productivity. Results included a 50% improvement in pad-to-pad mobilization time, a 55% increase in stages placed per day, and a 17% increase in pumping hours per day. On average, Chesapeake saved $150,000 per pad and reduced operating time on each pad by four days. In South Texas, OneStim used a geoengineered approach to help Lonestar Resources Ltd. increase oil production up to 86% compared with offset wells in the Eagle Ford Shale play. A combination of technologies enabled optimization of drilling, completions, and stimulation plans across long laterals in 18 wells in two fields while avoiding drilling challenges associated with ash beds, faults, and nearby water-bearing zones. The geoengineered wells produced more hydrocarbon per 1,000 ft of lateral section compared with offset wells. On average, six oil wells produced 80% more and four wells in a high gas-to-oil ratio area produced 86% more. ThruBit* through-the-bit logging services improved knowledge of rock properties while the Kinetix Shale* reservoir-centric stimulation-to-production software was used to optimize completion and stimulation treatments. In Russia, Well Services deployed the BroadBand Precision* integrated completion service for Gazprom Neft to reduce operating time in a well by more than eight days compared with the planned AFE. The reservoir's complex geology favored a horizontal well with multistage stimulation. BroadBand Precision service set a new field record by completing 30 fracturing stages within 220 hours, which was approximately 53% faster than originally planned. In Colombia, Ecopetrol awarded Schlumberger a six-year contract for the provision of Artificial Lift Solutions electric submersible pumps (ESPs) and supporting services throughout the country. This will include REDA Maximus* ESP systems equipped with REDA Continuum* unconventional extended-life ESP stages to accommodate a broad range of expected production volumes. In North Kuwait, Well Services deployed ACTive* real-time downhole coiled tubing services and the OpenPath Reach* extended-contact stimulation service for Kuwait Oil Company to increase total oil production fourfold in four wells in the Sabriya Field. VDA* viscoelastic diverting fluid was deployed to block off a thief zone in a long horizontal water injector well and the OpenPath Reach stimulation treatment created a network of wormholes in the reservoir. This resulted in a 400-psi increase in the reservoir's bottomhole pressure, improving the effectiveness of the waterflood system while eliminating the need for a workover rig. In Sakhalin, Schlumberger Completions installed the Manara* production and reservoir management system to enhance production in the Odoptu Field for the Sakhalin-1 Project. Cameron (Stated in millions) Three Months Ended Change Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Sequential Year-on-year Revenue $1,295 $1,310 $1,265 -1% 2% Pretax operating income $166 $166 $174 - -5% Pretax operating margin 12.8% 12.7% 13.8% 17 bps -94 bps Cameron revenue of $1.3 billion, of which 52% came from international markets, declined 1% sequentially primarily due to lower OneSubsea revenue on a declining project backlog. This decline was partially offset by higher service activity for Surface Systems in North America and higher product sales for Valves & Measurement, while Drilling Systems revenue was essentially flat sequentially. By geography, North America and Latin America revenue grew sequentially, but this was more than offset by lower revenue in Middle East & Asia, while Europe/CIS/Africa revenue was flat. Cameron pretax operating margin of 13% was essentially flat sequentially, as increased sales in Surface Systems and Valves & Measurement, combined with improved project execution in OneSubsea, offset the impact of falling margin in Drilling Systems from the declining backlog. Cameron won new contracts during the quarter for managed pressure drilling (MPD) systems and integrated drilling packages as well as integrated services contracts for pressure control equipment management and production enhancement. Transocean awarded Schlumberger a contract for the provision of key components for two MPD systems for use offshore in the US Gulf of Mexico. The MPD system provides greater control of the annular pressure profile throughout the wellbore and enables drilling of narrow-pressure margin formations safely and more efficiently. In Norway, Transocean added four floating rigs operating in the Norwegian sector of the North Sea to an existing pressure control equipment management service contract with Schlumberger for a period of 10 years. With this agreement, Schlumberger provides a comprehensive suite of solutions that support maintenance and service of blowout preventer systems and other pressure control equipment for 13 of Transocean's ultradeepwater and harsh environment drilling rigs. In Russia, LUKOIL awarded Schlumberger a contract for the provision of a complete drilling package, including pressure control and rig equipment, fluid and solids handling, and a cementing unit for operations in the Caspian Sea. Construction of the rig, which will occur in Astrakhan, is expected to begin in the third quarter of 2019. Murphy Sabah Oil Co., Ltd. awarded Schlumberger an integrated services contract for a three-well production enhancement campaign offshore in the Siakap North-Petai Field in Malaysia. Contract scope includes project management and vessel services, well stimulation, fluid and pumping services, coiled tubing services, and a OneSubsea MARS* multiple application reinjection system as well as a subsea modular injection system. Financial Tables Condensed Consolidated Statement of Income (Loss) (Stated in millions, except per share amounts) Second Quarter Six Months Periods Ended June 30, 2018 2017 2018 2017 Revenue $8,303 $7,462 $16,131 $14,356 Interest and other income 40 62 82 108 Expenses Cost of revenue 7,179 6,468 13,980 12,544 Research & engineering 175 196 347 406 General & administrative 114 110 225 208 Impairments & other (1) 184 510 184 510 Merger & integration (1) - 81 - 164 Interest 144 142 287 281 Income before taxes $547 $17 $1,190 $351 Tax expense (1) 106 98 219 148 Net income (loss) $441 $(81) $971 $203 Net income (loss) attributable to noncontrolling interests 11 (7) 16 (2) Net income (loss) attributable to Schlumberger (1) $430 $(74) $955 $205 Diluted earnings (loss) per share of Schlumberger (1) $0.31 $(0.05) $0.69 $0.15 Average shares outstanding 1,384 1,387 1,385 1,390 Average shares outstanding assuming dilution 1,392 1,387 1,393 1,397 Depreciation & amortization included in expenses (2) $876 $986 $1,750 $1,975 (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 SPM investments. Condensed Consolidated Balance Sheet (Stated in millions) Jun. 30, Dec. 31, Assets 2018 2017 Current Assets Cash and short-term investments $3,049 $5,089 Receivables 8,606 8,084 Other current assets 5,245 5,324 16,900 18,497 Fixed assets 11,504 11,576 Multiclient seismic data 686 727 Goodwill 25,121 25,118 Intangible assets 9,092 9,354 Other assets 6,853 6,715 $70,156 $71,987 Liabilities and Equity Current Liabilities Accounts payable and accrued liabilities $9,367 $10,036 Estimated liability for taxes on income 1,264 1,223 Short-term borrowings and current portion of long-term debt 3,736 3,324 Dividends payable 699 699 15,066 15,282 Long-term debt 13,865 14,875 Deferred taxes 1,541 1,650 Postretirement benefits 971 1,082 Other liabilities 1,816 1,837 33,259 34,726 Equity 36,897 37,261 $70,156 $71,987 Liquidity (Stated in millions) Components of Liquidity Jun. 30, 2018 Mar. 31, 2018 Dec. 31, 2017 Jun. 30, 2017 Cash and short-term investments $3,049 $4,165 $5,089 $6,218 Fixed income investments, held to maturity - - - 13 Short-term borrowings and current portion of long-term debt (3,736) (4,586) (3,324) (2,224) Long-term debt (13,865) (13,526) (14,875) (16,600) Net Debt (1) $(14,552) $(13,947) $(13,110) $(12,593) Details of changes in liquidity follow: Six Second Six Months Quarter Months Periods Ended June 30, 2018 2018 2017 Net income before noncontrolling interests $971 $441 $203 Impairment and other charges, net of tax before noncontrolling interests 164 164 643 $1,135 $605 $846 Depreciation and amortization (2) 1,750 876 1,975 Stock-based compensation expense 176 86 180 Pension and other postretirement benefits funding (74) (35) (74) Change in working capital (1,338) (502) (1,339) Other (94) (43) (74) Cash flow from operations (3) $1,555 $987 $1,514 Capital expenditures (974) (520) (884) SPM investments (434) (194) (328) Multiclient seismic data capitalized (47) (21) (190) Free cash flow (4) 100 252 112 Dividends paid (1,385) (693) (1,393) Stock repurchase program (200) (103) (770) Proceeds from employee stock plans 131 4 143 (1,354) (540) (1,908) Business acquisitions and investments, net of cash acquired plus debt assumed (47) (34) (364) Other (41) (31) (200) Increase in Net Debt (1,442) (605) (2,472) Net Debt, beginning of period (13,110) (13,947) (10,121) Net Debt, end of period $(14,552) $(14,552) $(12,593) (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 SPM investments. (3) Includes severance payments of $160 million and $84 million during the six months and second quarter ended June 30, 2018, respectively; and $230 million and $90 million during the six months and second quarter ended June 30, 2017, respectively. (4) "Free cash flow" represents cash flow from operations less capital expenditures, SPM 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 2018 earnings release also includes non-GAAP financial measures (as defined under the SEC's Regulation G). Net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; Schlumberger net income, 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 evaluate more effectively 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 2018 Pretax Tax Noncont. Interests Net Diluted EPS Schlumberger net income (GAAP basis) $547 $106 $11 $430 $0.31 Workforce reductions 184 20 - 164 0.12 Schlumberger net income, excluding charges & credits $731 $126 $11 $594 $0.43 Six Months 2018 Pretax Tax Noncont. Interests Net Diluted EPS * Schlumberger net income (GAAP basis) $1,190 $219 $16 $955 $0.69 Workforce reductions 184 20 - 164 0.12 Schlumberger net income, excluding charges & credits $1,374 $239 $16 $1,119 $0.80 Second Quarter 2017 Pretax Tax Noncont. Interests Net Diluted EPS * Schlumberger net loss (GAAP basis) $17 $98 $(7) $(74) $(0.05) Promissory note fair value adjustment and other 510 - 12 498 0.36 Merger & integration 81 17 - 64 0.05 Schlumberger net income, excluding charges & credits $608 $115 $5 $488 $0.35 Six Months 2017 Pretax Tax Noncont. Interests Net Diluted EPS * Schlumberger net income (GAAP basis) $351 $148 ($2) $205 $0.15 Promissory note fair value adjustment and other 510 - 12 498 0.36 Merger & integration 164 31 - 133 0.10 Schlumberger net income, excluding charges & credits $1,025 $179 $10 $836 $0.60 * Does not add due to rounding There were no charges or credits during the first quarter of 2018. Segments (Stated in millions) Three Months Ended Jun. 30, 2018 Mar. 31, 2018 Jun. 30, 2017 Revenue Income Before Taxes Revenue Income Before Taxes Revenue Income Before Taxes Reservoir Characterization $1,636 $350 $1,556 $307 $1,759 $299 Drilling 2,234 289 2,126 293 2,107 302 Production 3,257 316 2,959 216 2,496 221 Cameron 1,295 166 1,310 166 1,265 174 Eliminations & other (119) (27) (122) (8) (165) (46) Pretax operating income 1,094 974 950 Corporate & other (239) (225) (242) Interest income(1) 11 25 28 Interest expense(1) (135) (131) (128) Charges & credits (184) - (591) $8,303 $547 $7,829 $643 $7,462 $17 (Stated in millions) Six Months Ended Jun. 30, 2018 Jun. 30, 2017 Revenue Income Before Taxes Revenue Income Before Taxes Reservoir Characterization $3,192 $657 $3,377 $580 Drilling 4,360 582 4,092 531 Production 6,216 532 4,683 331 Cameron 2,605 332 2,494 336 Eliminations & other (242) (35) (290) (71) Pretax operating income 2,068 1,707 Corporate & other (464) (480) Interest income(1) 36 52 Interest expense(1) (266) (254) Charges & credits (184) (674) $16,131 $1,190 $14,356 $351 (1) Excludes interest included in the Segments results. Supplemental Information 1) What is the capex guidance for the full year 2018? Capex (excluding multiclient and SPM investments) for the full year 2018 is expected to be approximately $2 billion, which is similar to the levels of 2017 and 2016. 2) What was the cash flow from operations for the second quarter of 2018? Cash flow from operations for the second quarter of 2018 was $987 million and included $84 million of severance payments. 3) What was the cash flow from operations for the first half of 2018? Cash flow from operations for the first half of 2018 was $1.6 billion and included approximately $160 million of severance payments. 4) What was included in "Interest and other income" for the second quarter of 2018? "Interest and other income" for the second quarter of 2018 was $40 million. This amount consisted of earnings of equity method investments of $28 million and interest income of $12 million. 5) How did interest income and interest expense change during the second quarter of 2018? Interest income of $12 million declined $16 million sequentially. Interest expense of $144 million was essentially flat sequentially. 6) What is the difference between pretax operating income and Schlumberger's consolidated income before taxes? 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. 7) What was the effective tax rate (ETR) for the second quarter of 2018? The ETR for the second quarter of 2018, calculated in accordance with GAAP, was 19.3% as compared to 17.6% for the first quarter of 2018. Excluding charges and credits, the ETR for the second quarter of 2018 was 17.2%. There were no charges and credits in the first quarter of 2018. 8) How many shares of common stock were outstanding as of June 30, 2018 and how did this change from the end of the previous quarter? There were 1.384 billion shares of common stock outstanding as of June 30, 2018. The following table shows the change in the number of shares outstanding from March 31, 2018 to June 30, 2018. (Stated in millions) Shares outstanding at March 31, 2018 1,385 Shares issued to optionees, less shares exchanged - Vesting of restricted stock - Shares issued under employee stock purchase plan - Stock repurchase program (1) Shares outstanding at June 30, 2018 1,384 9) What was the weighted average number of shares outstanding during the second quarter of 2018 and first quarter of 2018, and 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 1.384 billion during the second quarter of 2018 and 1.385 billion during the first quarter of 2018. 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 2018 First Quarter 2018 Weighted average shares outstanding 1,384 1,385 Assumed exercise of stock options 1 2 Unvested restricted stock 7 7 Average shares outstanding, assuming dilution 1,392 1,394 10) What are Schlumberger Production Management (SPM) projects and how does Schlumberger recognize revenue from these projects? SPM projects are focused on developing and comanaging production on behalf of Schlumberger customers under long-term agreements. Schlumberger will invest its own services, products, and in some cases, cash, into the field development activities and operations. Although in certain arrangements Schlumberger recognizes revenue and is paid for a portion of the services or products it provides, generally Schlumberger will not be paid at the time of providing its services or upon delivery of its products. Instead, Schlumberger recognizes revenue and is compensated based upon cash flow generated or on a fee-per-barrel basis. This may include certain arrangements whereby Schlumberger is only compensated based upon incremental production it helps deliver above a mutually agreed baseline. 11) How are Schlumberger products and services that are invested in SPM projects accounted for? Revenue and the related costs are recorded within the respective Schlumberger Segment for services and products that each Segment provides to Schlumberger's SPM projects. This revenue (which is based on arms-length pricing) and the related profit is then eliminated through an intercompany adjustment that is included within the "Eliminations & other" line (Note that the "Eliminations & other" line includes other items in addition to the SPM eliminations). The direct cost associated with providing Schlumberger services or products to SPM projects is then capitalized on the balance sheet. These capitalized investments, which may be in the form of cash as well as the previously mentioned direct costs, are expensed in the income statement as the related production is achieved and associated revenue is recognized. This amortization expense is based on the units of production method, whereby each unit is assigned a pro-rata portion of the unamortized costs based on total estimated production. SPM revenue along with the amortization of the capitalized investments and other operating costs incurred in the period are reflected within Production. 12) What was the unamortized balance of Schlumberger's investment in SPM projects at June 30, 2018 and how did it change in terms of investment and amortization when compared to March 31, 2018? The unamortized balance of Schlumberger's investments in SPM projects was approximately $4.1 billion at both June 30, 2018 and March 31, 2018. These amounts are included within Other Assets in Schlumberger's Condensed Consolidated Balance Sheet. The change in the unamortized balance of Schlumberger's investment in SPM projects was as follows: (Stated in millions) Balance at March 31, 2018 $4,112 SPM investments 194 Amortization of SPM investment (135) Translation & other (95) Balance at June 30, 2018 $4,076 13) What was the amount of WesternGeco multiclient sales in the second quarter of 2018? Multiclient sales, including transfer fees, were $117 million in the second quarter of 2018 and $119 million in the first quarter of 2018. 14) What was the WesternGeco backlog at the end of the second quarter of 2018? The WesternGeco backlog, which is based on signed contracts with customers, was $317 million at the end of the second quarter of 2018. It was $358 million at the end of the first quarter of 2018. 15) What were the orders and backlog for the Cameron OneSubsea and Drilling Systems businesses? The OneSubsea and Drilling Systems orders and backlog were as follows: (Stated in millions) Orders Second Quarter 2018 First Quarter 2018 OneSubsea $312 $329 Drilling Systems $288 $218 Backlog (at the end of period) OneSubsea $1,654 $2,002 Drilling Systems $482 $398 About Schlumberger Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 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. Schlumberger Limited has principal offices in Paris, Houston, London, and The Hague, and reported revenues of $30.44 billion in 2017. For more information, visit www.slb.com. *Mark of Schlumberger or Schlumberger companies. †Japan Oil, Gas and Metals National Corporation (JOGMEC), formerly Japan National Oil Corporation (JNOC), and Schlumberger collaborated on a research project to develop logging while drilling (LWD) technology that reduces the need for traditional chemical sources. Designed around the pulsed neutron generator (PNG), EcoScope service uses technology that resulted from this collaboration. The PNG and the comprehensive suite of measurements in a single collar are key components of the EcoScope service that deliver game-changing LWD technology. Notes Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, July 20, 2018. 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 (800) 288-8967 within North America, or +1 (612) 333-4911 outside North America, approximately 10 minutes prior to the call's scheduled start time. Ask for the "Schlumberger Earnings Conference Call." At the conclusion of the conference call, an audio replay will be available until August 20, 2018 by dialing +1 (800) 475-6701 within North America, or +1 (320) 365-3844 outside North America, and providing the access code 449359. 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 web site until August 31, 2018. This second-quarter 2018 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 segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology, including our transformation program; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger's customers; the effects of U.S. tax reform; our effective tax rate; the success of Schlumberger's SPM projects, and joint ventures and alliances; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, 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; general economic, political and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; operational modifications, delays or cancellations; production declines; 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; and other risks and uncertainties detailed in this second-quarter 2018 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. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. ________________________________________ Contacts Schlumberger Limited Simon Farrant – Vice President of Investor Relations, Schlumberger Limited Joy V. Domingo – Manager of Investor Relations, Schlumberger Limited Office +1 (713) 375-3535 firstname.lastname@example.com Permalink : http://aetoswire.com/news/schlumberger-announces-second-quarter-2018-results/en
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Mental Health Channel
Topics & Medications
Related Channels
Does Ginseng Work?
Related MultimediaClick on an icon to view.
Research generally suggests that ginseng probably does not work for the following uses:
- Improving athletic performance
- Alleviating menopausal symptoms (such as hot flashes)
- Improving mood, sense of well-being, or overall quality of life.
Early studies suggest that ginseng may work for a few conditions. Further research is needed to confirm that ginseng is indeed effective (and safe) for such uses. It is important to remember that ginseng is classified as a dietary supplement (not a drug) and is, therefore, less strictly regulated than drugs.
Ginseng Root Supplement Info
List of references (click here)
Jellin JM, editor. Pharmacist's Letter/Prescriber's Letter Natural Medicines Comprehensive Database Web site. Available at: http://naturaldatabase.com/. Accessed March 11, 2008.
National Center for Complimentary and Alternative Medicine. National Institutes of Health. Herbs at a glance: Asian ginseng (September 2005). NCCAM Web site. Available at: http://nccam.nih.gov/health/asianginseng/. Accessed March 11, 2008.
Kiefer D, Pantuso T. Panax ginseng. Am Fam Physician 2003;68:1539-42.
Written by/reviewed by: Kristi Monson, PharmD; Arthur Schoenstadt, MD
Last reviewed by: Kristi Monson, PharmD

subset: commoncrawl


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Share Your Memory of
Obituary of Lenora Edith DeMenge
Lenora Edith DeMenge, passed away peacefully at her residence on January 6, 2020. Lenora was born on June 10, 1933 in Marion, Iowa to Marlow and Willa Martin. On December 17, 1951 she married the love of her life, Winnipeg Martin DeMenge, they shared 52 wonderful years of memories, 4 children, 11 grandchildren and 7 great grandchildren. Lenora enjoyed traveling, whistling, playing the harmonica and working in her flower garden. She also enjoyed reading, collecting old books, along with sewing and playing games. Whenever there was a family function, she always wanted to go so she could spend time with grandkids and great grandkids. She volunteered for Gleeners, Museum of the Oregon Territory and Oregon Hunter Association. Lenora was preceded in death by her husband, Winnipeg Martin DeMenge. Her parents, Marlow and Willa (Irish) Martin, her brothers Jack and Bill Martin and her sisters Irene Anderson and Joyce Stover. Lenora is survived by: her daughter Ruth (DeMenge) and her husband Robert Teague from Milwaukie, OR; Gery and Bo Teague from Bend, OR; Amanda and Matty McDermott and Desmond and Rory from Bend, OR; Robbie and Susuan Teague, Sydney and Aiden from Milwaukie, OR; her daughter Barbara DeMenge and Richard Hardesty from Pacifica, CA; Noel Hardesty-DeMenge from Fremont, CA; Rich Hardesty-DeMenge from Hollister, CA; Brenson Hardesty-DeMenge of Pacifica, Ca; her daughter Wynette DeMenge-Salazar and Romeo Salazar from Portland, OR; Ro and Winnie DeMenge-Salazar from Portland, OR; Alexi DeMenge=Salazar from New York City, NY; her daughter Amy (DeMenge) and Ron Turentine from Milwaukie, OR; Jessica and Manny Hernandez, Sophia, Olivia and Bella from Boring, OR; Matt Turentine from Milwaukie and Joe Turentine from Portland, OR.
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Soil Science course is given to the second-year students majoring in Horticulture, Agricultural Resources and Environment, Landscape Architecture and Ecology. It is the core core course of all professional courses, Prof. Richard Donald serves as the instructor. With many years' teaching in our college, Prof. Donald has extensive teaching experience. Both his theoretical lessons and experimental lessons receive high praise from students. He often use spare time to strengthen exchanges with students, and provide students with some guidance plans and advice on living as foreign students in Canada.He is deeply adored by every student.
Translator: Lanlan Yang, Reviewer: Liqing Wei
Internationl College Copyright©2009 All Rights Reserved


text: A flexible container mixer for small batch sizes in laboratory scale: ideal for the mixing and homogenization of varying or identical powders and granulates in only a few minutes. Compact and multi-talented, it comes equipped with a safety sensor, freely selectable mixing times and stepless speed adjustment between 20 and 120 rpm. Practical to handle and easy to clean. Container sizes of 2.5 and 10 Liters are available to meet your demands.


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The idea of compensation is not new to conservation policy across the globe. Payment for ecosystem services (PES), offsetting the depletion of carbon stocks, and rehabilitating livelihoods affected by wildlife protection have been concepts that both conservation science and policy have tried to operationalize for the last several decades. These compensations are a compromise that has to be struck between ecological requirements and developmental aspirations.
More recently, compensation mechanisms seem to have lost their stated purpose of reducing or offsetting ecological and livelihood losses. They have instead turned into funding mechanisms that have little or no intent to compensate for the damage to the environment or the communities who live in landscapes targeted for intensive development. In the last two years, two laws have institutionalized monetary compensation, paid by project developers to government agencies, as the sole form of addressing project impact on landscapes. These laws routinise loss of habitats and livelihoods, and displacement on the basis of such financial compensation. In addition they make it nearly impossible to hold individual projects accountable for the impacts they leave behind as it is the government agencies who receive these large funds that are vested with the responsibility of implementing projects and schemes that they consider as"compensatory".
Recovery from Forest Diversions
Since 1980, the Forest (Conservation)Act (FCA) has legally required projects using forests for non-forest use to carry out compensatory afforestation (CA) in an equal amount of non-forest land or double the amount of degraded forestland.The objective was purportedly to reduce the loss of forests due to high impact projects such as mining and dams and also to substitute what is lost by planting an equal or twice the amount of forest.For two decades the forest departments of all state governments managed this practice while the projects deposited the money needed to comply with this requirement. Money collections under the FCA have also included deposits arising out of penalties and fines. Nearly 24000 projects have been granted forest clearance on the condition that forest loss would be compensated.Did this happen? Yes, but mostly within government account books.
Prompted by the massive failure of operationalizing CA on the ground, in 2002, the Supreme Court's Godavarman bench directed the setting up of a centralized Compensatory Afforestation Management and Planning Authority (CAMPA).Comptroller and Auditor General (CAG) of India reports and state government affidavits filed in the Supreme Court had pointed out that there were three key reasons for this failure of CA. First, no land was available for afforestation, second that the money was not forthcoming by the user agencies and finally the funds that had been collected were mismanaged. Rather than reopening the logic of CA in which lay the seeds of its failure, the solution that the SC ordered is the centralized management of CA funds and the creation of an additional offset mechanism in the form of the Net Present Value[1], that expanded the fund and tied it to conservation.
In mid-2016 the Indian Parliament went a step further and legislated The Compensatory Afforestation Fund (CAF) Act to formalize the institutional mechanism to recover and disburse money arising out of forest diversions. It was headlined that this bold move would unlock INR 420 billion that remained unutilised. This money had been collected both in compliance and violation of the FCA, as it included money to be spent for penal afforestation to be carried out to compensate for damage caused. Even though it is established that compensatory afforestation cannot be realized due to structural reasons like the unavailability of land, ecologically valuable forests continue to be diverted under the FCA and the legal clauses for a CA fund legitimize forest loss for development.
Welfare funds from mining
The Mines and Minerals (Development and Regulation Act) 1957, amended in 2015, has enabled the creation of District Mineral Foundations (DMF) all across the country. The DMF draws its rationale from the 'resource curse' argument; regions rich in mineral wealth are left impoverished by the mining activity. The intent is to share the benefits accrued from mining with those who are affected by it. It acknowledges that gains from mining activity rarely reach the people who have lost their livelihoods and health and views the DMF as a benefit sharing mechanism to compensate the losses incurred by people, even as mining is carried out unabated.
Mining companies are to mandatorily contribute 10-30% of royalty from their projects into the DMF, to be used for the welfare of the people living in the impacted area. The DMF is now under the national level Pradhan MantriKhanijKshetra Kalyan Yojana (Prime Minister's Mining Area Welfare Scheme). While the state of Odisha tops the list of national DMF collections (INR 7.56 billon), Keonjhar district takes more than half of that share at INR 3.79 billon. One reason for this is because Keonjhar tops the list of six districts in Odisha with 31.28% of its area under mining activity. The Indian Bureau of Mines states that Keonjhar holds 75% of the iron ore reserves of Odisha and makes up more than 30% of the country's reserves.
It just takes a short walk into any of the 200 villages surrounding any iron or manganese mine in the district to see what mining does to landscapes: the shaved face of hills that were ones forested, the air thick with fine dust created by blasting and trucks carrying the ore; piped water trickling into pots even as the streams run dry or red with slurry. These are just common visuals which cloud the justification for the DMF. With over two decades of unresolved issues, the mining companies are seen as necessary to fill up the DMF. Many who have lost lands and livelihoods to the mining have already moved away from Keonjhar. Those who remain are left fighting for small jobs, drinking water, and the right to public spaces like roads. Is it not clear who will benefit from DMF funds used to 'improve' public facilities in a district written off to mining? Would the government consider preventing more mines and impacts when companies and state agencies can make money hand over fist through more mining?
As projects pocket approvals more easily than ever, centre and state level environmental regulators benefit from the monetization of the lawful destruction of landscapes. With so much money at stake through compensatory mechanisms, does conservation stand a chance? It is time for conservationists to engage the government and persuade them of the dangers of monetizing the destruction of ecological landscapes.
Anon. 2016. Rs 42K crore green ministry's unused funds to finally see light of day, New Indian Express, 13th October 2016.
Banerjee, Srestha. 2016. Odisha DMF's budget allocation lacks focus on health, other basic services, Down to Earth, 18th August 2016.
CAG (Comptroller and Auditor General). 2013. Report of the Comptroller and Auditor General of India on Compensatory Afforestation in India (Report No. : 21 of 2013)
Kohli, K., M. Menon, V. Samdariya, and S.Guptabhaya. 2011. Pocketful of Forests:Legal debates on valuating and compensating forest loss in India.Kalpavriksh&WWF-India, New Delhi.
Pradhan Priyambada and Patra Sudhakar. 2014. Impact of Iron Ore Mining on Human Health in in Keonjhar District of Odisha. IOSR Journal of Economics and Finance (IOSR-JEF), Volume 4, Issue 4. (Jul-Aug. 2014), PP 23-26.
State-wise Summary of FCA projects on http://egreenwatch.nic.in/FCAProjects/Public/Rpt_State_Wise_Count_FCA_projects.aspx, accessed on 25.12.2016
[1]The Supreme Court's Godavarman bench in its order dated 26.09.2005 has defined Net Present Value (NPV) as "the present value (PV) of net cash flow from a project, discounted by the cost of capital". In simple terms, it is arrived at by deducting the cost of investment from the present value of all future earnings. If the cost of putting up a project is I and the value of earnings from the project from now till the end of the project is X, then NPV is X-I
Kanchi Kohli and Manju Menon are researchers associated with the Centre for Policy Research (CPR)-Namati Environment Justice Program.
Photograph: Manju Menon


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Want to open a businesses for sale business? Our practical, easy-to-follow advice covers all of the mechanics for starting up your new business.
Thinking about opening a businesses for sale business? We tell you what you need to know to get started.
(article continues below)
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Thankfully, an owner of a a businesses for sale business outside of your community may be more than happy to give you a few tips, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
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You should know that your odds of becoming a successful entrepreneur are much greater if you buy a franchise and leverage their successful brand and track record.
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Business Idea Evaluation
Buying vs. Starting a Business
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- Gary GrubbAsked on February 13, 2014 at 04:54 PM
The forms were used on a web page for registering attendees at the dentaalsummitnashville2013.com
The site is now parked at Go Daddy and I cannot get it 'unparked' or at least have not been able to do so to date...
How can I get my forms back to view and edit?
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Thank you for contacting us.
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Gamerdeals.net writes:
"With every year that goes by, the Black Friday hype machine continues to grow exponentially. It's you against the soccer mom's, and trust me... you need every advantage over those vixens! These moms were once the girls that started school yard fights where no rules applied - biting, scratching, eye gouging... etc...
The competition is tough as nails, and you can throw all the rules of society and law out the window.
You have to have a plan, a back up plan, and a back up to the back up plan..."


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I was talking to someone the other day who was discouraged because they hadn't kept a comittment they'd made. Last year many of us at the House of Praise made a commitment to give the Lord the first 15 minutes of our day reading His word. Well this well intentioned friend made it six months and then got distracted and stopped.
This year they were afraid to try again because they didn't want to make a comittment they didn't keep. I understand that thought. The Bible does teach us it is better not to vow than to vow and not keep it. However…I believe it is better to read God's word 6 days a week for 6 months than to never have tried!
"It's time to restart." I said. You know? Sometimes our computers get bogged down and aren't working right (Well not mine it's a Mac, but most of you know what I mean.) sometimes the best thing you can do is restart it. We need to restart our walk with God sometimes.
"Is there something in your life you need to restart Pastor?" They asked. I thought for a moment about a couple things. 1. Date nights with my wife had grown too few. 2. I need a vacation. 3. I miss blogging.
So here we are. I took m y wife out ALONE for dinner and a movie and I'm restarting the blog. Those of you who make comments and follow me, please come back again. I'm even going to try and learn twitter to make it easier. God Bless ad let's get restarted!


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For the eighth year in a row, I attended this year's NRF Big Show in New York City in mid-January. As usual, it was an insanely hectic, jam-packed event full of non-stop activity (see my LinkedIn post for a glimpse into the action). Now it's time to review what most caught my attention at NRF coupled with my bold (and not so bold) predictions for in-store networks in 2019.
If I summed up NRF and predictions for 2019 in one line it would be:
"2019 is the year fantasy meets reality for retailers."
The days of chasing shiny object technologies is over. No, it doesn't mean retailers will stop innovating and stop looking for new technology. Technology must now transparently elevate, while simplifying, the shopping experience overall.
#1 - The basics of retail are back - with a twist, the proper marriage of retail and tech
Technology in the store has to be transparent to the experience. Technology for the sake of technology just doesn't work. The best example of this used to be an Apple store, but the mantle has now been passed to Nike and their House of Innovation.
Nike successfully blends the basics of retail with visual design, energy, music, skilled associates, er, athletes as they're called, and most of all the merchandise looks amazing. Most significantly, technology is everywhere in the store, yet never interferes with the shopping experience, only enabling and enhancing it:
- You can use the Nike app to call an associate to bring you the shoe you like in your size
- Use the Nike app to scan a bar code on a mannequin and immediately see the product info for all items shown
- Each floor in the store serves a different purpose for both merchandise and shopping function
- Scan and go checkout is available everywhere
- You can have a fully human interactive and guided experience or a completely app-based non-human experience and everything in between, satisfying almost everyone.
The stars at the Nike store are not the technology but the experiences they enable and the merchandise they serve to highlight. This is retail as it should be, but it is only possible with the right network systems and infrastructure.
#2 - What's old is new again in retail tech
POS modernization is a real trend, evolving into full-fledged order management systems from any device in the store an associate can touch, fixed or mobile. It's surprising how many retailers are clinging to antiquated POS systems. A wave of upgrades is upon us. But this will require more than just a new terminal or mobile device and some software. Complete order management and unified commerce will require new systems and infrastructure to properly deliver the experience customers want.
Infrastructure upgrades may be the most critical element of anything retailers bring into their stores this year. This will be where battles for in-store customer experience are won or lost! From in-store Wi-Fi to the wide area network (WAN) that moves data in and out of the store – it's critical for managing the massive influx of new applications in the store accessing data at your data center or in the cloud. No, gigabit Wi-Fi won't solve this! Ultimately, every app must access data outside the store and the fastest Wi-Fi still has to contend with multiple wireless users and limited WAN bandwidth. The only solution is to deploy an application aware software defined network that acts as a traffic cop ensuring every app gets the access it needs, and every user gets the performance they demand. Customers won't wait 5 seconds for an associate's tablet to refresh – that will be a lost sale! For more info on this, check out this white paper by IHL Group on the hidden key to a transformative in-store experience.
#3 - Practical applications of AI, AR and VR
AI was everywhere at NRF. No one could have been prepared for this. The practical applications are now reaching all aspects of retail, although there still seems to be more proven ROI areas like supply chain, assortment management, and pricing optimization then there may be in-store applications. However, solutions like FindMine that help curate merchandise sets for similar, complimentary products, especially in apparel, are proving themselves worthy with the uplift in sales they generate both online and in-store. AI will be a break out star in 2019 for retailers.
AR is also proving itself with many solutions around NRF geared to both customers shopping in-store as well as associates helping shoppers via their own devices. AR works best for product types where you need to apply the product to something else, i.e. beauty products and apparel. For example, Sephora's app integration of Modiface, which allows a user to virtually apply make-up and works quite well. AR will help power more personalized experiences and shoppers appear to appreciate these solutions the more they engage with them. Again, it's category dependent, for example the ability to "see" furniture in one's home or shoes on one's feet through apps including IKEA and Converse, respectively. Expect to see much more of this in 2019.
VR on the other hand…Furniture seems to be where this proves out. Macy's is deploying their VR applications to many of their furniture galleries and they've measured real-world uplift in sales where a customer planning to buy one piece, ends up buying a room full of furniture based on the quality of the experience. So far, this seems to be the only workable in-store application. Where VR holds promise is in training associates and Walmart is heavily invested in this. Otherwise, not expecting much from VR in 2019.
#4 – Personalization
This is the new digital expectation customers have everywhere they shop. It's become almost cliché to say that consumers want to shop anytime they want, wherever they are, however they want, through whatever channel they want. But it's true. And based on what we heard and saw at NRF this year, it's quickly becoming table stakes. Retailers have to get this right in 2019. Read more of my thoughts on this topic and what retail CIOs need to do in my blog on Retail Customer Experience.com.
We have fresh examples of personalization at Joann stores new concept store focusing on crafting in the store. It's an extreme expression of personalization by letting you create in the store using items you can buy. Certainly, a far cry from the traditional, almost warehouse style format of most national craft stores.
AI will make its presence felt heavily in this space. Many vendors were showing AI-based solutions to enable and improve the quality of personalization. While we all point to Amazon's recommendation engine as being such a masterpiece, how many of us have shaken our heads at some of the items Amazon "recommends" for us? It often makes you wonder if you could trust Alexa with your shopping choices, doesn't it? A personal experience is what customers crave and they will reward retailers with loyalty if delivered properly. As I paraphrase one of my favorite retail marketers (nod to @Kim Lewis), "retailers spent decades trying to homogenize the shopping experience so every store would be the same, but now we've come full circle and need to return to personalized behaviors for demographics of one!" It's what customers want.
The Final Word
What all of these trends and predictions have in common is the need to get the underlying network infrastructure right. Without the backend processes and tools to properly deliver the experience customers want, in-store advancements are just fantasy. Application performance, however, remains a key challenge for retailers. 60% of retailers tell us application performance is their top business challenge.
Discover how an Ipanema SD-WAN can profitably support your POS, inventory management, guest Wi-Fi and business-critical applications, to help you achieve your customer experience goals while saving millions in network upgrade costs.
For more information on how Infovista serves the retail industry and optimizes your in-store customer experience, visit our retail resource page.


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I spent three years in my last home and hated the light and did nothing about it. Maybe because I knew I wasn't going to be there for a long time, or because I just didn't feel like putting the energy into picking a new one. That mindset completely changed when we bought our new house. I shared a few photos yesterday of our dining room table all set for Thanksgiving.
I received a few questions on where the lights were from, so sharing the before and after photos in addition to some other items that I'm loving about our new home. These rooms are works in progress, but I love where they are right now!
Hope you love it just as much as we do! Questions? Leave them below.


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Best Buy Black Friday in July Sale - 4K TVs, 75% off Tumi, Kate Spade iPad Folios
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We are at the forefront of a new generation of public opinion research. Instead of outdated methods we rely on digital technologies to pioneer high quality representative surveys in real time. Our vision is to enable everyone to access the results of our work.
We are pushing the boundaries of what is possible in measuring public opinion. Through our network of more than 25.000 web pages we constantly gather data while employing state of the art statistical models to deliver advanced insights. With almost 400 million answered surveys since Civey's start we run the largest opinion panel in Germany, with nearly every major German media outlet employing our data.
This is just the beginning. If you want to help transform the path of traditional opinion research and you live for new technologies, we are looking for you. You should have a confident, self-motivated and structured approach to new challenges, while aiming to higher standards than most. Sound good?
We are looking forward to your application.
Please send us your CV, your desired start date and your salary expectation via https://civey.breezy.hr/.


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April 23, 2019 06:56 AM
(WHEC) — Did Fisher-Price know of and ignore a dangerous problem now linked to the deaths of more than 30 babies?
According to new class action lawsuits, that answer is yes. The suits claim the toymaker knew about the risks to infants well before issuing the recall for the Rock 'N Play sleeper but ignored them and sold the product anyway.
The lawsuits are detailed in a story from the Buffalo News.
News10NBC previously reported that more than 30 babies died while using the sleeper over a 10-year period.
Fisher-Price and the U.S. Consumer Product Safety Commission (CPSC) said the infants rolled over from their backs to their stomachs or sides while they were not restrained. Consumer Reports found some babies suffocated.
The American Academy of Pediatrics urged Fisher-Price and the CPSC to recall the sleepers, calling them "deadly."
In a statement earlier this month, Fisher-Price said that it stood by the safety of its products and said it issued the voluntary recall "due to reported incidents in which the product was used contrary to the safety warnings and instructions."
The recall covers about 4.7 million sleepers, which sold for between $40 and $149 since 2009.
Created: April 23, 2019 06:56 AM
Copyright 2019 - WHEC-TV, LLC A Hubbard Broadcasting Company
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It's already November and the holiday season is sneaking up on us! But before we are bombarded with the inevitable stress of shopping, traveling, and the anxiety of crowds that follow synonymous, we have compiled a few tips and tricks to help you beat the holiday travel woes!
As if airports weren't crowded and stressful enough during the holiday season, airlines are cutting capacity in order to save on costs such as rising fuel prices and an uncertain economy. Ironically, as airlines cut capacity, there has been a rise in passengers using air transportation. This means more tightly packed airplanes, in addition to the already large crowds in airports, and of course long security lines and delays. In anticipation of the large crowds and densely packed flights, we have found a few helpful tips and tricks for a more comfortable and efficient holiday travel season.
You are all familiar with the rigid airport security and long lines that follow, but there is one change to security lines that will put your mind at ease. In the past, T.S.A. has used scanners that display a virtually nude image of passengers to security agents. However, this year T.S.A. is implementing new scanners that show only a generic, computer-generated body outline that passengers can also view online.
In addition to new privacy implementation for security lines, passengers can now choose to pay to go through security lines faster. United sells
expedited security and pre-boarding starting at $9, and Jet Blue's "Even More Speed" program allows passengers to pay $10-$65 extra for more legroom and expedited security lines at certain airports. American's "Five Star Service" program also offers expedited security line options as well as other V.I.P. services for those willing to pay the extra cost. So if you want to skip the lines while traveling this holiday season, check out what options your airline offers for moving you through security faster, as well as additional comfort features.
This season, some airlines are also changing their boarding procedures. In order to ensure you get on the plane with your seat preference, be sure to check your airline's boarding process. American, which used to board back to front, now randomly assigns boarding groups; but, coach passengers can pay $10 and beat first class and even elite frequent flyers to the front of the boarding line! United, and soon Continental, will be boarding window, then middle, and finally aisle seats, as opposed to boarding back to front. If seat preference is important to you, then remember to check your airline's website for their procedures as many companies are changing this year to ensure faster boarding.
Trying to fit all those presents for your friends and family into your checked bags? Don't forget about checked bag fees most airlines impose, including fees for overweight and oversized luggage. Jet Blue offers one free checked bag and Southwest offers two. Check your airline's website for baggage limitations and fees including oversized and overweight bags.
We hope these tips and tricks help you have safe and efficient travels this holiday season!
Happy Holidays from the Meeting Sites Pro team!
For more information please visit: http://travel.nytimes.com/2011/10/30/travel/an-update-on-holiday-air-travel.html?ref=travel


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Marek Vavrusa authored
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Shining light on ALS and showing their support for Love and Theft's Stephen Barker Lilies and family, country music's biggest stars come together for an acoustic filled evening at the Historic Ryman Auditorium on December 4th, 2017 at 7:00 p.m. to benefit The ALS Association of Tennessee and the Burchett & Liles Family in their fight against ALS together.
Tyler Farr will also join friends and fellow artists Love and Theft, Florida Georgia Line, Jerrod Niemann, Craig Campbell, Canaan Smith, Trent Tomlinson, The Warren Brothers, and Stevie Monce for a night of hope and healing. The evening will be hosted by SiriusXM The Highway's Storme Warren, Stephen Baker Liles from Love and Theft and Dee Jay Silver.
Concert tickets go on sale tomorrow, Friday, October 20, 2017 at 10 a.m. via Ticketmaster outlets, ticketmaster.com, the Ryman box office, www.ryman.com and by phone 800.745.3000. Tickets are $125, $75 and $55.
Shine for Susie ALS Benefit Concert was formed as a partnership between The ALS Association of Tennessee and the Burchett & Liles Family to raise funds in the fight against ALS. Susie Burchett, mother of Stephen Barker Liles from Love and Theft, was diagnosed with ALS in March of 2017.
Together, our efforts are helping to improve the daily lives of people living with ALS, including Susie's.
"I've had the privilege of helping with many charities through the years, but when the cause touches your life, it changes everything," said Stephen Barker Liles from Love and Theft. "When my mother was diagnosed with ALS, in March of this year, I was devastated. But I also felt called to make a difference to help her and others through my musical platform. I'm incredibly grateful for some of my dear friends who are joining me to shine light through our music and bring hope to millions."
ALS is a progressive neurodegenerative disease that affects nerve cells in the brain and the spinal cord. Eventually, people with ALS lose the ability to initiate and control muscle movement, which often leads to total paralysis and death within two to five years of diagnosis. For unknown reasons, NFL players are four times as likely to develop ALS and veterans are twice as likely to develop ALS as the general population.
The simple fact is, ALS can strike anyone, anytime.
"There are so many important causes that merit our support," said Burchett and Liles Family. "Often however, we don't choose those causes…they choose us. For our family, having our mother, wife, grandmother diagnosed with ALS presented a galvanizing opportunity to support the needed cause of ALS. We hope this event will provide more awareness, funds for research, and financial support to all touched by this debilitating disease."
"We are thrilled to curate this first-of-its-kind unique concert experience for the Tennessee Chapter alongside the Burchett and Liles Family. The enthusiasm and willingness this family has brought to the table to secure some of the industry's most talented artists to perform is truly amazing. They continue to work tirelessly with our team to create an unforgettable musical experience," said Steve Wallace, CEO of The ALS Association of Tennessee.
"Our Chapter is truly grateful to have this important partnership and we are thankful to all the musical guests, who have graciously lent their time and talents to support the Association's efforts in brightening the lives of ALS patients and families in our community," said Wallace.
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Will antibiotics help relieve symptoms in babies and toddlers?
Middle ear infections (otitis media) will usually clear up within a few days, with or without treatment. But antibiotics can speed up recovery in children under two years of age who have an infection in both ears. They may also help if the infected ears are leaking fluid.
Middle ear infections can cause earache and fever. These symptoms can be treated with painkillers like acetaminophen (paracetamol) or ibuprofen. Whether antibiotics are an appropriate treatment will depend on what other symptoms the child has. Antibiotics can only help treat bacterial infections. Children with specific symptoms benefit from them, but antibiotics will hardly help in children without these symptoms.
Research on antibiotics for acute middle ear infections
Researchers from the Cochrane Collaboration, an international network of researchers, looked for studies that could help show the advantages and disadvantages of antibiotic treatment of acute middle ear infections in babies and toddlers. They found 13 reliable studies involving a total of about 3,400 children. The studies randomly divided the children into two groups and then compared them with each other. One group of children took antibiotics and the other did not.
The researchers wanted to know what effect antibiotics had on pain and fever after one to seven days of treatment. They were also interested in whether children who took antibiotics had fewer complications like hearing problems, or the spread of the infection to the other ear or the bone behind the ear. The possible side effects were also investigated.
Antibiotics are often ineffective
The researchers found that antibiotics often didn't speed up recovery. Within 24 hours of taking antibiotics, many children's earache hadn't gone away any quicker than in children who didn't take antibiotics. The antibiotics provided only slight pain relief when used a little longer. In numbers: After two to three days
- about 22 out of 100 children who did not take antibiotics still had an earache, and
- about 15 out of 100 children who used antibiotics still had an earache.
In other words, because of the antibiotics an additional 7 out of 100 children did not have an earache after two to three days.
Antibiotics can also reduce the risk of the eardrum bursting (a perforated eardrum):
- about 3 out of 100 children who did not take antibiotics had their eardrum burst, and
- about 1 out of 100 children who used antibiotics had their eardrum burst.
In other words: antibiotics prevented a burst eardrum in about 2 out of 100 children. But burst eardrums are generally not a very serious problem. The hole in the eardrum is usually small and heals on its own within a few days or weeks. It is more serious if the eardrum bursts several times or if the hole is large.
Antibiotics can help in some children
Some children may benefit more from antibiotics than others: These include children who are under two years old and have an infection in both ears, and those of all age groups who are leaking pus from their ear. Both symptoms are signs of a bacterial infection, which can be treated effectively with antibiotics.
After three to seven days, out of children under two years of age with acute middle ear infection in both ears
- 55 out of 100 children who did not take antibiotics still had an earache or fever, and
- 30 out of 100 children who used antibiotics still did.
So the antibiotics worked in 25 out of 100 of these children.
They also helped children who had fluid leaking from their ears.
- 60 out of 100 children who did not take antibiotics still had fever or an earache,
- but only 24 out of 100 who used antibiotics did.
So antibiotics helped in 36 out of 100 children who had fluid leaking from their ears.
Side effects of antibiotics
It's important to also consider possible side effects when looking at the benefits of antibiotics. Antibiotics can cause nausea, diarrhea and rashes. Around 5 out of 100 children who use antibiotics had one of these side effects. Using antibiotics too often also leads to the development and spread of bacteria that no longer respond to antibiotics ("resistant" bacteria) .
Watchful waiting makes sense in most cases
In most children it's best to wait for two to three days in order to see whether the symptoms improve on their own, and then decide whether to use antibiotics. This can help avoid side effects. Painkillers will relieve the pain more quickly than antibiotics. If you take a "watchful waiting" approach, it's a good idea to go to back to the doctor for a check-up.
Venekamp RP, Sanders SL, Glasziou PP, Del Mar CB, Rovers MM. Antibiotics for acute otitis media in children. Cochrane Database Syst Rev 2015; (6): CD000219.
IQWiG health information is written with the aim of helping
people understand the advantages and disadvantages of the main treatment options and health
care services.
Because IQWiG is a German institute, some of the information provided here is specific to the German health care system. The suitability of any of the described options in an individual case can be determined by talking to a doctor. informedhealth.org can provide support for talks with doctors and other medical professionals, but cannot replace them. We do not offer individual consultations.
Our information is based on the results of good-quality studies. It is written by a team of health care professionals, scientists and editors, and reviewed by external experts. You can find a detailed description of how our health information is produced and updated in our methods.


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What would happen if you brought together two groups of people from two different cultures, often presented by politicians and mass media as mutually hostile?
This is the question that sparked Canadian-Egyptian filmmaker Tarek Mounib's "Free Trip to Egypt." It marked the start of a quest to find out if kindness and connection could overcome division. The drive to find an answer to this question would take Tarek from his home in Switzerland to the United States, with a unique offer for willing Americans who were fearful of Islam: an all-expenses-paid vacation to Egypt.
ConciergeQ spoke with Tarek about the making of "Free Trip to Egypt," and the profound impact travel can have on all of us.
ConciergeQ: What first inspired your idea for this film?