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Schlumberger revenue misses estimates as global oil market drags


July 20, 2018, by John Benny and Liz Hampton

(Reuters) – Schlumberger Inc missed analysts’ quarterly revenue estimates on Friday, as weakness in its international business overshadowed another strong performance in North America.

The Houston-based company, a bellwether for the oilfield services industry, said revenue from its international business dipped 1.4 percent to $5.07 billion. Meanwhile, revenue from North America jumped about 43 percent to $3.14 billion.

“Despite OPEC’s recent decision to increase production, the global supply base continues to weaken,” Chief Executive Officer Paal Kibsgaard said, pointing to uncertainty for producers and service providers due to sanctions on Iran, falling production from Venezuela and outages in Libya.

The world’s largest oilfield services company posted net income attributable of $430 million, or 31 cents per share, in the second quarter ended June 30, compared with a loss of $74 million, or 5 cents per share, a year earlier.

Total revenue rose 11.3 percent to $8.30 billion, but missed analysts’ estimate of $8.36 billion, according to Thomson Reuters I/B/E/S.

Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila



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