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Category: Schlumberger

One of the world's biggest oil companies thinks the worst is over

July 23, 2015 Posted by Chris Wysong

After reporting second-quarter earnings last week, Schlumberger has reason to believe that deep cutbacks in the oil industry are coming to an end. One of the worlds biggest oil companies thinks the worst is over By: Akin Oyedele Schlumberger thinks the plunge in the oil rig count is near the bottom. The $100 billion oil-field services giant reported second-quarter earnings on Thursday afternoon that beat on profit but missed on sales. Importantly, however, the company signaled that it thinks some of the deep cutbacks seen in the oil industry over the last year may be coming to an end. And as the worlds biggest oilfield services provider, Schlumberger is particularly attuned to changes in the industry. In Schlumbergers second quarter, revenue came in at $9 billion, down 12% year-over-year. Earnings per share came in at $0.88. Analysts had expected EPS of $0.79 on revenues of $9.05 billion, according to Bloomberg. Over the last year, the price of oil has declined by about 50%,

Posted in Oil, RigCount, Schlumberger
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