Categories AlphaGraphs, Earnings, LATEST, Other Industries

Schlumberger Q2 profit meets estimates, names Olivier Le Peuch CEO

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!

Most Popular

WBA Earnings Preview: Will Walgreens’ Q3 report bring cheer to investors?

Walgreens Boots Alliance, Inc. (NASDAQ: WBA) has been facing challenges due to higher operating costs, rising competition, and an unfavorable retail environment. These factors have put pressure on the drugstore

Main points from Accenture’s (ACN) Q3 2024 earnings report

Shares of Accenture (NYSE: ACN) rose 6% on Thursday, following the company’s announcement of its third-quarter 2024 earnings results. Although revenue and profits missed expectations, the stock jumped after the

ACB Earnings: Aurora Cannabis reports narrower Q4 loss on higher revenues

Aurora Cannabis, Inc. (NASDAQ: ACB) on Thursday reported a net loss for the fourth quarter of 2024. The company’s revenues moved up 5% year-over-year during the quarter. The Canada-based recreational

Comments

  1. Pingback: فرص العمل
  2. Pingback: Teeth Whitening
  3. Pingback: Msc in dental
  4. Pingback: chest press
  5. Pingback: machine ischio
  6. Pingback: torso rotary
  7. Pingback: Fiverr Earn
  8. Pingback: Fiverr Earn
  9. Pingback: Fiverr Earn
  10. Pingback: Fiverr Earn
  11. Pingback: fiverrearn.com
  12. Pingback: fiverrearn.com
  13. Pingback: fiverrearn.com
  14. Pingback: fiverrearn.com
  15. Pingback: glucotrust
  16. Pingback: Freight Broker
  17. Pingback: fiverrearn.com
  18. Pingback: weather today
  19. Pingback: fiverrearn.com
  20. Pingback: french bulldog
  21. Pingback: exotic bullies
  22. Pingback: bitcoin
  23. Pingback: jewelry kay
  24. Pingback: technology
  25. Pingback: future university
  26. Pingback: future university
  27. Pingback: future university
  28. Pingback: tridelta necklace
  29. Pingback: wix login
  30. Pingback: Fiverr
  31. Pingback: french bulldog
  32. Pingback: FUE
  33. Pingback: FUE
  34. Pingback: FUE
  35. Pingback: FUE
  36. Pingback: Classic Books 500
  37. Pingback: FiverrEarn
  38. Pingback: FiverrEarn
  39. Pingback: FiverrEarn
  40. Pingback: Fiverr.Com
  41. Pingback: FiverrEarn
  42. Pingback: FiverrEarn
  43. Pingback: partners
  44. Pingback: gluconite
  45. Pingback: Social Justice
  46. Pingback: french bulldog
  47. Pingback: FiverrEarn
  48. Pingback: live sex cams
  49. Pingback: FiverrEarn
  50. Pingback: FiverrEarn
  51. Pingback: FiverrEarn
  52. Pingback: FiverrEarn
  53. Pingback: FiverrEarn
  54. Pingback: FiverrEarn
  55. Pingback: FiverrEarn
  56. Pingback: FiverrEarn
  57. Pingback: FiverrEarn
  58. Pingback: FiverrEarn
  59. Pingback: FiverrEarn
  60. Pingback: FiverrEarn
  61. Pingback: FiverrEarn
  62. Pingback: Milking
  63. Pingback: seo company texas
  64. Pingback: technology
  65. Pingback: garden
  66. Pingback: Kuliah Termurah
  67. Pingback: FiverrEarn
  68. Pingback: FiverrEarn
  69. Pingback: FiverrEarn
  70. Pingback: FiverrEarn
  71. Pingback: FiverrEarn
  72. Pingback: glucoberry legit
  73. Pingback: quietum plus legit
  74. Pingback: cheap sex cams
  75. Pingback: canine probiotics
  76. Pingback: live sex cams
  77. Pingback: frt trigger
  78. Pingback: 늑대닷컴
  79. Pingback: Wild symbol
  80. Pingback: nang sydney
  81. Pingback: allgame
  82. Pingback: 918kiss
  83. Pingback: หวย24
  84. Pingback: Cosrx
  85. Pingback: pg slot
  86. Pingback: resort lake placid
  87. Pingback: megagame
  88. Pingback: evisa
  89. Pingback: 44 mag ammo
  90. Pingback: 35 whelen ammo
  91. Pingback: contratar sicario
  92. Pingback: itsMasum.Com
  93. Pingback: Skywhip tanks
  94. Pingback: teenchat
  95. Pingback: joker gaming
  96. Pingback: houston jobs
  97. Pingback: bangkok jobs
  98. Pingback: ny jobs career

Comments are closed.

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top