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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Schlumberger Ltd | NYSE:SLB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.27 | -0.57% | 47.21 | 47.78 | 46.915 | 47.40 | 11,220,380 | 00:55:51 |
By Tess Stynes
Schlumberger Ltd. said its third-quarter earnings fell 82% on lower revenue and expenses related to the oil-field services acquisition of Cameron International Corp. earlier this year.
Schlumberger and other companies in the oil-field services sector have been hurt by weak demand from oil and natural-gas producers for services such as drilling and completing oil-and-gas wells.
Chief Executive Paal Kibsgaard said Schlumberger's business stabilized in the third quarter, though visibility remains limited regarding spending by oil-and-gas companies for 2017 because the company's customers are still in their planning stages.
"We maintain that a broad-based V-shaped recovery is unlikely given the fragile financial state of the industry, although we do see activity upside in 2017 in North America land, the Middle East and Russia markets, " Mr. Kibsgaard said.
Schlumberger's results come a day after rival Halliburton Co. posted a small third-quarter profit that its executives attributed to U.S. energy company customers starting to return to drilling this summer as crude prices moved back toward $50 a barrel.
Still Halliburton executives sounded a note of caution that the fourth quarter could slow due to holiday and seasonal weather-related downtime before activity picks back up in early 2017. It was also the first quarter Halliburton was relieved of hefty charges related to its failed tie-up with rival Baker Hughes Inc., which is scheduled to report third-quarter results Tuesday.
The three oil-services giants each have shed thousands of workers in efforts to offset weaker demand from energy producers during the downturn.
In all, Schlumberger reported a third-quarter profit of $176 million, or 13 cents a share, down from $989 million, or 78 cents a share, a year earlier. Excluding items such as acquisition-related charges, adjusted per-share earnings were 25 cents. Analysts polled by Thomson Reuters expected per-share profit of 22 cents.
Revenue declined 17% to $7.02 billion, while analysts expected $7.08 billion.
In Schlumberger's North American business, revenue dropped 25% to $1.7 billion. Outside the U.S., Schlumberger's revenue declined 13% to $5.25 billion.
The three months ended Sept. 30, marked the second period that Schlumberger's results include Cameron, which makes drilling equipment and supplies maintenance equipment to pipelines, refineries and oil-and-gas wells.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
October 20, 2016 17:37 ET (21:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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