Oil and gas services heavyweight Schlumberger $SLB reported earnings on Friday before the market opened. $SLB experienced expanded market share in key regions in North America with oil rigs operating in the U.S. trending lower in recent months.
Oil and gas services heavyweight Schlumberger $SLB reported earnings on Friday before the market opened. $SLB experienced expanded market share in key regions in North America with oil rigs operating in the U.S. trending lower in recent months. amid Hurricane Harvey the guidance on industrywide exploration and production activity is seen as indicative.
Schlumberger Automated Drilling Positioning Itself in energy markets
Earnings: Profit of $54 million or $0.39 per share. Adjusted earnings rose to $0.42. in line with the expected EPS of 42 cents a share on revenue of $7.91 billion.
Reaction: Schlumberger $SLB Premarket $65.23 +.73 (1.13%)
Revenue Breakdown
- Schlumberger $SLB North American revenues surged 53% to $2.6Bil in 3Q17, indicating operations not overally unaffected by the hurricanes.
- Revenues from Latin America dropped 4%.
- Revenues from Europe, CIS and Africa were down 2% compared to last year.
- Middle East & Asia registered 1% lower revenues.
“In the U.S. Gulf of Mexico, activity continued to weaken in the third quarter, and the outlook remains bleak for this region based on current customer plans,” Schlumberger said in a statement.
If congress can pass regulatory rollbacks after the GOP’s unsuccessful attempt to replace the Affordable Care Act the company as much to gain is the theory.
Source: SLB, AlphaStrret
Live From The Pit