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 world's biggest oilfield services provider, Schlumberger is particularly attuned to changes in the industry.
In Schlumberger's 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%, and the biggest cutback in spending from oil companies has been in the decline in US oil rig count.
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