Followers | 123 |
Posts | 7286 |
Boards Moderated | 0 |
Alias Born | 07/06/2012 |
Friday, October 19, 2012 2:18:35 PM
The world's largest oilfield-services company reported a profit of $1.42 billion, or $1.07 a share, up from $1.3 billion, or 96 cents a share, a year earlier. Excluding charges and credits, adjusted earnings from continuing operations rose to $1.08 from 96 cents. Revenue jumped 11% to $10.6 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $1.06 a share on revenue of $10.68 billion.
Schlumberger's massive international presence allowed it to buck the trend followed by rivals Halliburton Co. and Baker Hughes Inc., which saw their profits drop as exploration and production companies in North America pulled back on drilling activity in an effort to stretch capital budgets throughout the end of the year. Prices for pressure-pumping services, a key component of hydraulic fracturing, are also suffering because of excess supply. Baker Hughes, which also posted results Friday, saw its profits drop 60% to $279 million, or 63 cents a share, coming well under Wall Street expectations of 84 cents a share.
Schlumberger shares traded at $74.40, down 0.52%. Baker Hughes shares traded down 4.96% at $44.76.
Hurricane Isaac and slow seasonal recovery in Canada also impacted oilfield-services providers' North American bottom line, and Schlumberger was no exception. Its third-quarter North America revenue of $3.29 billion was down 2.3% from the second quarter.
But international operations, where Schlumberger earns about 70% of its revenue, carried the day. Schlumberger's international revenue rose 3% from last quarter, with the Middle East and Asia posting a nearly 7% increase in revenue.
Analysts with Simmons & Co. said that Schlumberger's third-quarter performance was "solid, predictable, reliable," with a commendable performance in North America and "nicely improved" international revenue.
Schlumberger's Chief Executive Paal Kibsgaard told analysts during an earnings conference call that he is optimistic about international-oil and gas-activity growth, expecting a tight global supply and demand balance to make up for macroeconomic uncertainty.
"In the international market we have seen no material change to overall customer activity plans or sentiments during the quarter, and we still expect our activity to grow in excess of 10% this year," Mr. Kibsgaard said.
The company fared better in North America than many competitors, analysts said. While the company "can't dodge the downward pressure," margins and revenue held up "a hair better than we forecast," Tudor, Pickering, Holt & Co. analysts wrote in a note Friday.
Mr. Kibsgaard said lower prices for hydraulic fracturing services are working their way into new contracts as drilling activity slows down. As of earlier this month, the number of rigs operating in the U.S. had fallen to 1,835--down 188 from last year, according to the Baker Hughes rig count. In Canada there were 361 rigs working, down 151 from last year.
Mr. Kibsgaard said that in North America, oil drilling activity was no longer able to offset the drop in natural gas-directed activity, but the Gulf of Mexico constituted a bright spot, with the number of rigs working there on track to reach pre-Deepwater Horizon levels by the end of the year.
OTCBB / Pink Sheet Oil & Gas Stocks
Don't believe anything I say. Do your own DD. Insert huge disclaimer here ____________.
Recent SLB News
- SLB的OneSubsea和Subsea7與Equinor簽訂長程戰略合作協議,著手進行Wisting和Du Nord灣油田計畫 • Business Wire • 05/02/2024 11:31:00 PM
- SLB OneSubsea和Subsea7与Equinor签订长期战略合作协议,就Wisting和Bay Du Nord项目展开工作 • Business Wire • 05/02/2024 11:17:00 PM
- SLB OneSubseaとサブシー7がエクイノールと戦略的な長期提携、ウィスティングおよびベイ・デュ・ノードでのプロジェクトに着手 • Business Wire • 05/02/2024 11:17:00 PM
- SLB OneSubsea und Subsea7 unterzeichnen langfristige strategische Kooperationsvereinbarung mit Equinor – Aufnahme der Arbeiten bei Wisting und Bay Du Nord • Business Wire • 05/02/2024 11:17:00 PM
- SLB OneSubsea and Subsea7 Sign Long-Term Strategic Collaboration Agreement with Equinor; Commence Work on Wisting and Bay Du Nord Projects • Business Wire • 05/02/2024 12:20:00 PM
- SLB anuncia los resultados financieros del primer trimestre de 2024, con el objetivo de retribuir 7000 millones de dólares a los accionistas en 2024-2025 • Business Wire • 04/29/2024 01:45:00 PM
- ChampionX Reports First Quarter 2024 Results • GlobeNewswire Inc. • 04/24/2024 09:00:00 PM
- SLB、2024年第1四半期業績を発表、2024~2025年に70億ドルの株主還元を目指す • Business Wire • 04/23/2024 11:54:00 AM
- SLB gibt Ergebnisse für das erste Quartal 2024 bekannt und will im Zeitraum 2024-2025 $7 Milliarden an die Aktionäre zurückgeben • Business Wire • 04/23/2024 01:52:00 AM
- U.S. Index Futures Decline Amid Israel-Iran Tensions • IH Market News • 04/19/2024 11:32:51 AM
- SLB Announces First-Quarter 2024 Results, Targeting to Return $7 Billion to Shareholders Over 2024–2025 • Business Wire • 04/19/2024 10:50:00 AM
- SLB Announces First-Quarter 2024 Results, Targeting to Return $7 Billion to Shareholders Over 2024–2025 • Business Wire • 04/19/2024 10:50:00 AM
- SLB、ペトロブラスのブジオス鉱区に対する仕上げ契約を3件獲得 • Business Wire • 04/16/2024 01:01:00 AM
- SLB erhält drei Aufträge für Fertigstellungen im Petrobras-Ölfeld Búzios • Business Wire • 04/15/2024 09:32:00 PM
- SLB Awarded Three Completion Contracts for Petrobras’ Buzios Field • Business Wire • 04/15/2024 01:00:00 PM
- SLB Awarded Three Completion Contracts for Petrobras’ Buzios Field • Business Wire • 04/15/2024 01:00:00 PM
- SLB、ChampionXを全株式取引で買収する契約を発表 • Business Wire • 04/04/2024 12:43:00 PM
- SLB kündigt Vereinbarung zur Übernahme von ChampionX in einer Aktientransaktion an • Business Wire • 04/03/2024 01:01:00 PM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- SLB Announces Agreement to Acquire ChampionX in an All-Stock Transaction • GlobeNewswire Inc. • 04/02/2024 11:37:39 AM
- SLB Announces Agreement to Acquire ChampionX in an All-Stock Transaction • Business Wire • 04/02/2024 11:31:00 AM
- SLB Announces Agreement to Acquire ChampionX in an All-Stock Transaction • Business Wire • 04/02/2024 11:30:00 AM
- SLB meldet Vereinbarung der Übernahme einer Mehrheitsbeteiligung an Aker Carbon Capture • Business Wire • 03/28/2024 10:57:00 AM
- SLB、 Aker Carbon Captureの過半数株式の取得について合意したと発表 • Business Wire • 03/28/2024 10:57:00 AM
- SLB宣布已達成收購Aker Carbon Capture多數股權的協議 • Business Wire • 03/28/2024 10:56:00 AM
FEATURED NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM