Schlumberger slips after quarterly profit falls sharply from last year Shares of Schlumberger (SLB) fell after the company's quarterly profit fell 68% from the year-ago period, with a revenue decline driven by the acquisition of Cameron earlier this year.
EXECUTIVE COMMENTARY: In a statement, Schlumberger chairman and CEO Paal Kibsgaard said the company maintains that a "broad-based V-shaped recovery is unlikely given the fragile financial state of the industry," but noted that the company does see activity upside in 2017 in North America land, the Middle East and Russia markets.
Kibsgaard also commented that "visibility remains limited" in terms of 2017 E&P investment.
On its quarterly earnings conference call, Schlumberger said that it plans to shift its focus from maintaining its presence in drilling to gaining market share for its drilling business on North American land.
The company noted that there is a "clear path" to profitability in U.S. drilling in particular, but added that the industry is currently in a period of oil oversupply. The company added that fracking remains dilutive to earnings and that it expects global drilling activity to further pick up in 2017.
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