Schlumberger Profit Beats Estimates
Schlumberger NV beat Wall Street estimates for profit on Friday, in the first quarter under Olivier Le Peuch, as higher international drilling activity boosted demand for its equipment and services and helped counter weakness in North America.The international business has been a bright spot for the world's largest oilfield services provider since last year as investor…
Schlumberger CEO Outlines Digital Strategy
Schlumberger NV's newly-appointed Chief Executive Officer Olivier Le Peuch on Wednesday outlined his vision for the world's largest oilfield services company, vowing to exit unprofitable businesses, restructure some units and focus on returns.In his first public remarks since taking office in July, the 32-year company veteran also warned the company would record a sizeable, non-cash charge to write down assets in the current quarter.
Schlumberger Names New CEO, Tops Revenue
Schlumberger NV said on Friday Chief Operating Officer Olivier Le Peuch will replace longtime Chief Executive Officer Paal Kibsgaard, as the company looks to shore up its position as a leader in drilling technology.The world's largest oilfield services provider also reported better-than-expected quarterly revenue, as demand in international markets countered weakness in North America…
Schlumberger to Avoid New Field Management Work
Oilfield services firm Schlumberger will stop taking new field management contracts that have been criticized as requiring heavy upfront investments while it seeks to monetize existing deals, the company's chief executive said on Monday.Paal Kibsgaard, speaking at the Scotia Howard Weil energy conference, said the business, known as Schlumberger Production Management, was cash flow neutral last year and is expected to contribute to free cash generatin
Schlumberger, Rockwell Form Automation JV
Industrial automation and information company Rockwell Automation and oilfield services provider Schlumberger have teamed up to create what they're calling the first fully integrated digital oilfield automation solutions provider.The new Houston based joint venture, Sensia, is expected to begin serving customers in the summer of 2019, subject to regulatory approvals…
Schlumberger Names Olivier Le Peuch as COO
Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group.The appointment marks the formal beginning of CEO succession…
Schlumberger Names Le Peuch as Chief Operating Officer
Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group.The appointment marks the formal beginning of CEO succession…
Schlumberger Sees International Growth in 2019
Schlumberger NV on Friday reported quarterly revenue that topped estimates and forecast single-digit growth in international markets this year even as crude prices have tumbled roughly 30 percent since October.With the drop in oil prices many producers were evaluating spending budgets for 2019, stoking concerns that a slowdown in activity would hurt oilfield service companies that have struggled to boost prices since the 2014 downturn.Schlumberger…
Technical Challenges Could Slow Shale Growth -Schlumberger CEO
Technical challenges could slow growth shale oil production in the next 12 to 18 months, the chief executive of Schlumberger NV, the world’s largest oilfield services provider, said on Tuesday.Paal Kibsgaard, CEO, was speaking at an investment conference in Riyadh.(Reporting by Andrew Torchia; Writing by Davide Barbuscia; Editing by David Goodman)
Schlumberger CEO Says Permian Growth Could Be Lower
Schlumberger NV Chief Executive Officer Paal Kibsgaard said on Friday that growth in the Permian basin could be lower than anticipated, and that pricing and demand for oilfield services in North America will remain soft in the fourth quarter.He also said on a conference call with analysts the main challenge in the Permian basin is going to be reservoir and well performance.Reporting by John Benny in Bengaluru
Schlumberger Revenue Misses Estimates
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.
Schlumberger expects reactivation costs to squeeze margins
Schlumberger NV warned on Friday that margins would remain under pressure as the oilfield services provider spends more to bring back idled equipment to meet rising demand from North American shale producers after a two-year lull. Shares of the company, whose quarterly profit nearly halved due to a jump in costs, fell as much as 4.4 percent to $73.18, their lowest in nearly a year.
Schlumberger Sees Improved Pricing but Margins Still Slim
Schlumberger NV said on Friday a ramp up in drilling activity in North America boosted pricing for its oilfield services, but the cost of reactivating equipment idled during the oil price downturn dragged down margins. The U.S. rig count rose more than 25 percent in the first three months of the year, according to data from Baker Hughes Inc. "In the first quarter…
Schlumberger: Ecuador's Unpaid Bills to Hurt Quarterly Results
OPEC production cuts and economic woes are complicating Schlumberger NV's efforts to collect $1.1 billion from Ecuador's state-owned Petroamazonas, casting a cloud over the oil services company's first-quarter results. "Continuing payment issues" in Ecuador are hurting earnings, Chief Executive Officer Paal Kibsgaard said in a text of a speech delivered at the Scotia Howard Weil energy conference in New Orleans on Monday.
Schlumberger Seeing Early Signs of Recovery
Schlumberger Ltd, the world's No.1 oilfield services provider, said there were early signs of recovery in most parts of the world, following a two-year slump in oil prices that put the brakes on global drilling activity. The company, which derives more than three-fourths of its revenue from international operations, had called the bottom of the cycle in the second quarter.
Oil Industry Suppliers See Light at the End of the Tunnel
European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs,…
Schlumberger Sees Oil Supply Deficit if Demand Growth Holds
Schlumberger Ltd, the world's No. 1 oilfield services provider, said it expects a "significant global supply deficit" of crude oil, assuming steady growth in demand, given the sharp decline in spending on exploration and production. Energy companies have halved their E&P budgets since oil prices began their slump in June 2014, scaling back drilling to focus on the most prolific oil fields, a strategy called high-grading.
Exxon CEO back in Russia after Two-year Hiatus
Exxon Mobil Chief Executive Rex Tillerson is to attend a major investment forum in Russia this week, two industry sources said, ending a two year absence from the event that began when sanctions were imposed on Russia over the crisis in Ukraine. Tillerson is due to attend a session at the St. Petersburg International Economic Forum where Igor Sechin, head of Russian state oil firm Rosneft, is listed as keynote speaker.
Schlumberger Says Lund Joins as a Director, Not CEO
Helge Lund, the former CEO of energy companies Statoil and BG, has become a director of oil services firm Schlumberger, the company said on Thursday. Schlumberger denied a Wall Street Journal report that Lund had been appointed the chief executive of the company. "Paal Kibsgaard remains the chief executive," a spokeswoman for the company told Reuters, adding that Lund had been appointed as a director. (Reporting by Nerijus Adomaitis)
Schlumberger issues Revenue Warnings
Schlumberger Ltd said it expected a "significant" fall in second-quarter revenue as it scales back operations in Venezuela due to payment problems, and a prolonged slump in oil prices continues to keep activity subdued. The world's No.1 oilfield services provider reported a 16 percent fall in first-quarter revenue from the prior quarter. The forecast excludes revenue added by Cameron International Corp's acquisition…
