Newsletter

Menu

Schlumberger Q2 profit meets estimates, names Olivier Le Peuch CEO

By Staff Correspondent |

Schlumberger Limited (NYSE: SLB) reported a 14% increase in earnings for the second quarter of 2019 helped by lower costs and expenses as well as exclusion of the previous year’s workforce reduction charges. The bottom line came in line with the analysts’ expectations, while the top line exceeded consensus estimates. The oilfield services provider appointed Olivier Le Peuch as its executive chief and a board member, effective August 1.

Le Peuch succeeds Paal Kibsgaard, who will retire as CEO effective on August 1. Also effective on the same date, Kibsgaard will step down as Chairman and retire as a board member. Mark Papa, a current non-independent director, will become non-executive Chairman of the Board. Peter Currie will continue to serve as the Board’s Lead Independent Director.

Net income increased by 14% to $492 million or $0.35 per share. However, adjusted earnings decreased by 19% to $0.35 per share.

Schlumberger Q2 profit meets estimates, names Olivier Le Peuch CEO

Revenue declined by 0.4% to $8.27 billion. The results was benefited by double-digit growth in the Mexico & Central America GeoMarket due to high offshore exploration-led activity for the IOCs and increased Integrated Drilling Services (IDS) onshore activity.

For the second quarter, revenue from North America fell by 11% year-over-year, while that from Latin America climbed by 21%. Revenue from Europe/CIS/Africa increased by 6% and that from Middle East & Asia rose by 4%.

Drilling revenue increased by 8% as the performance was benefited from contract awards and the deployment of drilling systems and fluids technologies. However, production revenue declined by 5% due to the impact of the spring breakup in Canada and softer hydraulic fracturing pricing. Cameron revenue decreased by 4% due to reduced activity in North America.

Also read: Chewy Q1 earnings results

From a macro perspective, the company expects oil market sentiments to remain balanced. The oil demand forecast for 2019 has been reduced slightly on trade war fears and current global geopolitical tensions, but the company does not anticipate a change in the structural demand outlook for the mid-term.

On the supply side, Schlumberger continues to see US shale oil as the only near- to medium-term source of global production growth, albeit at a slowing growth rate, as E&P operators continue to transition from an emphasis on growth to a focus on cash and returns, with consequent restraining effects on investment levels. These effects, combined with the decision by OPEC and Russia to extend production cuts through the first quarter of 2020, are likely to keep oil prices range bound around present levels.

On July 17, 2019, Schlumberger’s board of directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock. The dividend is payable on October 11, 2019, to stockholders of record on September 4, 2019.

Shares of Schlumberger ended Thursday’s regular session up 0.39% at $38.78 on the NYSE. Following the earnings release, the stock rose over 1% in the premarket session.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Advertisement

More on this Company

Earnings Update by AlphaStreet

Thor Industries (NYSE: THO): Q1 2020 Earnings Snapshot

December 9, 2019
Earnings Update by AlphaStreet

3M (NYSE: MMM): Q3 2019 Earnings Snapshot

October 24, 2019
Earnings Update by AlphaStreet

Dow (NYSE: DOW): Q3 2019 Earnings Snapshot

October 24, 2019

225 responses to “Schlumberger Q2 profit meets estimates, names Olivier Le Peuch CEO”

  2. فرص العمل

    […]although sites we backlink to below are considerably not associated to ours, we feel they are basically worth a go through, so have a look[…]

  5. Aims and Goals symposium

    […]we like to honor lots of other world-wide-web sites on the internet, even though they aren’t linked to us, by linking to them. Underneath are some webpages really worth checking out[…]

  14. faculty of computer science

    […]we like to honor many other world-wide-web sites around the web, even though they aren’t linked to us, by linking to them. Below are some webpages worth checking out[…]

  22. Maillot de football

    […]although websites we backlink to beneath are considerably not connected to ours, we really feel they’re basically worth a go as a result of, so possess a look[…]

  33. Fiverr Earn

    […]although sites we backlink to below are considerably not associated to ours, we really feel they may be basically worth a go by means of, so have a look[…]

  34. Fiverr Earn

    […]Wonderful story, reckoned we could combine some unrelated information, nevertheless seriously worth taking a search, whoa did a single master about Mid East has got extra problerms also […]

  35. fiverrearn.com

    […]that is the finish of this post. Right here you will locate some internet sites that we believe you will enjoy, just click the hyperlinks over[…]

  38. fiverrearn.com

    […]we prefer to honor several other world-wide-web web-sites on the web, even if they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  48. exotic bullies

    […]we like to honor many other world wide web websites around the internet, even when they aren’t linked to us, by linking to them. Underneath are some webpages really worth checking out[…]

  50. Top university in Egypt

    […]we prefer to honor many other net websites on the internet, even when they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  59. technology

    […]although sites we backlink to beneath are considerably not related to ours, we really feel they’re actually really worth a go via, so possess a look[…]

  68. Fiverr

    […]we prefer to honor many other web websites around the web, even if they aren’t linked to us, by linking to them. Below are some webpages really worth checking out[…]

  73. FUE

    […]very couple of sites that take place to be detailed below, from our point of view are undoubtedly effectively really worth checking out[…]

  74. FUE

    […]Every the moment inside a though we pick blogs that we study. Listed below are the most current websites that we pick out […]

  75. FUE

    […]we like to honor many other online web sites on the net, even though they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  82. FiverrEarn

    […]although internet websites we backlink to beneath are considerably not associated to ours, we really feel they may be actually worth a go by way of, so have a look[…]

  83. Training Philippines

    […]although internet sites we backlink to beneath are considerably not connected to ours, we feel they may be truly worth a go by way of, so possess a look[…]

  84. FiverrEarn

    […]check beneath, are some absolutely unrelated websites to ours, however, they’re most trustworthy sources that we use[…]

  101. FiverrEarn

    […]please pay a visit to the web-sites we comply with, which includes this one particular, as it represents our picks in the web[…]

  105. FiverrEarn

    […]very couple of internet sites that occur to be detailed below, from our point of view are undoubtedly nicely really worth checking out[…]

  107. FiverrEarn

    […]very few web sites that occur to be comprehensive below, from our point of view are undoubtedly effectively worth checking out[…]

  108. FiverrEarn

    […]Wonderful story, reckoned we could combine a few unrelated data, nonetheless definitely worth taking a search, whoa did one particular understand about Mid East has got extra problerms as well […]

  111. Milking

    […]that could be the end of this post. Here you’ll uncover some internet sites that we believe you’ll value, just click the hyperlinks over[…]

  120. FiverrEarn

    […]Every the moment inside a although we pick blogs that we study. Listed beneath are the most up-to-date web pages that we pick […]

  121. FiverrEarn

    […]although web sites we backlink to below are considerably not associated to ours, we really feel they may be truly worth a go through, so possess a look[…]

  127. canine probiotics

    […]we like to honor numerous other net web-sites on the internet, even though they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  131. Wild symbol

    […]please take a look at the internet sites we follow, which includes this 1, because it represents our picks from the web[…]

  134. allgame

    […]very handful of websites that take place to be comprehensive below, from our point of view are undoubtedly well worth checking out[…]

  135. 918kiss

    […]we prefer to honor numerous other online web pages around the web, even if they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  138. pg slot

    […]very few sites that transpire to become in depth below, from our point of view are undoubtedly effectively really worth checking out[…]

  139. leak detection london

    […]that may be the finish of this article. Right here you’ll discover some web-sites that we think you will appreciate, just click the links over[…]

  140. resort lake placid

    […]that could be the end of this article. Right here you’ll discover some web pages that we assume you’ll value, just click the links over[…]

  143. 44 mag ammo

    […]we prefer to honor many other world wide web web pages on the internet, even when they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  145. contratar sicario

    […]very couple of sites that come about to become comprehensive below, from our point of view are undoubtedly very well really worth checking out[…]

  146. ItMe.Xyz

    […]always a large fan of linking to bloggers that I appreciate but really don’t get quite a bit of link appreciate from[…]

  148. itme.xyz

    […]Wonderful story, reckoned we could combine a number of unrelated data, nevertheless genuinely really worth taking a search, whoa did one understand about Mid East has got much more problerms at the same time […]

  149. itme.xyz

    […]that is the end of this report. Here you’ll locate some internet sites that we assume you will enjoy, just click the hyperlinks over[…]

  155. wix seo expert

    […]although web-sites we backlink to beneath are considerably not connected to ours, we feel they are essentially worth a go by means of, so possess a look[…]

  161. cheap webcam girls

    […]Wonderful story, reckoned we could combine a handful of unrelated information, nevertheless truly worth taking a appear, whoa did one learn about Mid East has got much more problerms at the same time […]

  162. floodle

    […]very couple of web sites that come about to become detailed below, from our point of view are undoubtedly effectively worth checking out[…]

  165. atizapán de zaragoza clima

    […]Wonderful story, reckoned we could combine several unrelated data, nonetheless seriously worth taking a search, whoa did 1 find out about Mid East has got extra problerms as well […]

  170. Kinco

    […]Every the moment in a whilst we pick out blogs that we read. Listed beneath would be the most current web-sites that we decide on […]

  173. webcam sex

    […]check below, are some completely unrelated internet websites to ours, having said that, they may be most trustworthy sources that we use[…]

  176. 라이브스코어

    […]although web sites we backlink to beneath are considerably not related to ours, we really feel they’re really worth a go by means of, so have a look[…]

  180. dog registry

    […]we like to honor a lot of other world-wide-web web sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  186. black frenchies

    […]although websites we backlink to below are considerably not related to ours, we really feel they’re truly worth a go through, so possess a look[…]

  189. linh hoang

    […]Wonderful story, reckoned we could combine some unrelated information, nonetheless really worth taking a appear, whoa did one understand about Mid East has got a lot more problerms too […]

  190. 늑대닷컴

    […]check beneath, are some completely unrelated sites to ours, however, they may be most trustworthy sources that we use[…]

  192. yorkie poo breeding

    […]that could be the end of this write-up. Right here you’ll obtain some web-sites that we think you will appreciate, just click the hyperlinks over[…]

  196. dr kim acupuncture

    […]that may be the finish of this write-up. Right here you will find some web-sites that we consider you’ll enjoy, just click the links over[…]

  197. we buy french bulldogs

    […]although internet websites we backlink to beneath are considerably not associated to ours, we really feel they may be actually worth a go through, so have a look[…]

  198. linh hoang

    […]Every when in a while we select blogs that we study. Listed below are the most current web pages that we select […]

  202. french bulldog usa

    […]very couple of internet websites that take place to become detailed beneath, from our point of view are undoubtedly properly really worth checking out[…]

  205. crypto news

    […]very couple of web sites that come about to become detailed below, from our point of view are undoubtedly properly worth checking out[…]

  206. magnolia bjj

    […]that could be the finish of this post. Right here you will uncover some web pages that we think you’ll enjoy, just click the hyperlinks over[…]

  209. culiacan clima

    […]Wonderful story, reckoned we could combine several unrelated information, nonetheless genuinely worth taking a search, whoa did a single find out about Mid East has got more problerms at the same time […]

  211. french bulldog chihuahua mix

    […]we like to honor many other online web-sites on the internet, even though they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  216. best seo companies in houston

    […]although web-sites we backlink to beneath are considerably not connected to ours, we really feel they are basically really worth a go by, so possess a look[…]

  225. golf cart rentals

    […]Every as soon as inside a even though we decide on blogs that we study. Listed beneath would be the most current internet sites that we select […]

Top