• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 4 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 8 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 14 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 3 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 3 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 11 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 8 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 15 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 18 hours The EU Loses The Principles On Which It Was Built
  • 9 hours Corporations Are Buying More Renewables Than Ever
  • 23 hours Starvation, horror in Venezuela
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 1 day Is NAFTA dead? Or near breakthrough?
Is Deepwater Drilling More Profitable Than Shale?

Is Deepwater Drilling More Profitable Than Shale?

Conventional wisdom in oil markets…

New Rechargeable Battery Could Accelerate EV Adoption

New Rechargeable Battery Could Accelerate EV Adoption

University of Michigan researchers have…

Schlumberger Q1 Revenue Grows For First Time In 2 Years

Midland Oil

The U.S. shale revival helped Schlumberger (NYSE:SLB) report on Friday its first annual revenue growth for a quarter for the first time in more than two years, but the oilfield services group’s Q1 revenues fell slightly short of Wall Street expectations.

Schlumberger booked revenues of $6.894 billion for the first quarter, up 6 percent from the first quarter of 2016, and down 3 percent from the fourth quarter of 2016. Analysts had expected the world’s biggest oilfield services group to report revenues of $6.98 billion.

“In the first quarter, the North America land market continued to strengthen in terms of both activity and pricing, leading us to begin accelerating deployment of idle capacity for multiple product lines,” Schlumberger Chairman and CEO Paal Kibsgaard said in the press release.

Kibsgaard, however, had a few words of caution for the global oil and gas industry:

“As the recovery builds momentum, industry cash flow and productivity remain under pressure and limit the industry’s ability to increase present levels of E&P investment.”

Schlumberger’s revenues in North America rose 6 percent sequentially in the first quarter, to $1.871 billion, while revenues outside North America, grouped under ‘international revenue’, dropped by 7 percent, on the back of “greater than expected seasonal decline in activity and sales, particularly in China, Russia land, and the North Sea.” Schlumberger also saw lower revenues in key parts of the Middle East and in Ecuador.

Schlumberger had signaled in its Q4 2016 results that increased land activity helped its North American revenue grow. Fourth-quarter revenues slightly beat analyst estimates, after revenue in North America increased by 4 percent sequentially and international revenue ticked up 1 percent.

Related: Iran Ready To Join OPEC’s Production Cut Extension

For the first quarter this year, Schlumberger posted earnings per share of $0.25, in line with the Zacks Consensus Estimate.

Before Schlumberger’s results release, Kevin Simpson, managing director at Griffin Securities, said that the Q1 2017 figures are “going to be a tale of two markets” for Schlumberger international vs. U.S.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News