Schlumberger Limited reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenue of $12,641 million compared to $11,906 million a year ago. Income before taxes was $715 million compared to $2,170 million a year ago. Income from continuing operations was $317 million compared to $1,683 million a year ago. Net income attributable to the company was $302 million or $0.23 per diluted share compared to $1,664 million or $1.26 per diluted share a year ago. Income from continuing operations attributable to the company was $302 million or $0.23 per diluted share compared to $1,664 million or $1.26 per diluted share a year ago. Fourth-quarter results were led by record revenue in North America due to continued efficiency improvements and new technology uptake in pressure pumping land and by the recovery of activity in the US Gulf of Mexico. It generated more than $2.4 billion in free cash flow in the fourth quarter. Liquidity events during the quarter included $1.2 billion of CapEx.

For the year, the company reported revenue of $48,580 million compared to $45,266 million a year ago. Income before taxes was $7,639 million compared to $8,691 million a year ago. Income from continuing operations was $5,711 million compared to $6,843 million a year ago. Net income attributable to the company was $5,438 million or $4.16 per diluted share compared to $6,732 million or $5.05 per diluted share a year ago. Income from continuing operations attributable to the company was $5,643 million or $4.31 per diluted share compared to $6,801 million or $5.10 per diluted share a year ago. Cash flow from operations was $11,195 million compared to $10,690 million a year ago. Net debt as at Dec. 31, 2014 was $5,387 million compared to $4,443 million a year ago. Capex for the full year 2014 was $4.0 billion. It generated free cash flow of more than $6.2 billion. This represents an increase of 13% over 2013 and a conversion of 84% of the full year's earnings into free cash flow.

The company's capex (excluding multiclient and SPM investments) is expected to be $3.0 billion for 2015. It expects the ETR for the full year 2015 to be in the low to mid-20s.