Top oilfield services provider Schlumberger NV reported a 19.8 percent fall in q...
- Top oilfield services provider Schlumberger NV reported a 19.8 percent fall in quarterly profit on Thursday, hit by weak demand for its equipment and services from U.S. oil producers under pressure to rein in spending.
Schlumberger, a bellwether for the oilfield services sector, said it continues to expect lower investment in onshore North America, with a likely cut to current production growth outlook. The company reiterated that investments by oil producers in North America onshore could be down 10 percent in 2019.
Net income fell to $421 million, or 30 cents per share, in the three months ended March 31, from $525 million, or 38 cents per share, a year earlier.Analysts on average had estimated earnings of 30 cents per share and revenue of $7.81 billion, according to Refinitiv data.
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