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Energy Schlumberger: 3Q earnings impacted by takeaway constraints in Permian basin

Schlumberger: 3Q earnings impacted by takeaway constraints in Permian basin

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THE HAGUE, Netherlands (AP) — Schlumberger NV (SLB) on Friday reported third-quarter net income of $644 million.

The The Hague, Netherlands-based company said it had profit of 46 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

“Our third-quarter revenue of $8.5 billion grew 2 percent sequentially, driven by the International Areas where the broad-based activity recovery continued and where sequential revenue growth outpaced that of North America for the first time since the second quarter of 2014,” said Schlumberger Chairman and CEO Paal Kibsgaard. “In North America, sequential growth remained positive but slowed from the rates of previous quarters as takeaway constraints in the Permian impacted hydraulic fracturing activity.”

“In North America, third-quarter revenue of $2.6 billion, excluding Cameron, increased 1 percent sequentially driven by Artificial Lift and Drilling as we continued to gain market share on the back of our leading technology portfolio. Service revenue from our OneStimSM hydraulic fracturing business was increasingly impacted by softening activity and pricing over the course of the quarter. This was offset, however, by robust performance from our vertically integrated sand business, which in addition to serving OneStim now also competes in the third-party market. Offshore North America, drilling activity was impacted by scheduled platform maintenance and planned workover operations, the combination of which led to a less favorable activity mix for Schlumberger.”

In the International areas, the company reported third-quarter revenue of $4.6 billion, excluding Cameron, grew 4 percent sequentially as Schlumberger saw solid growth in all operating regions.

The world’s largest oilfield services company posted revenue of $8.5 billion in the period, which missed Street forecasts. Ten analysts surveyed by Zacks expected $8.59 billion.

Schlumberger shares have declined 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 4 percent. The stock has decreased 11 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLB at https://www.zacks.com/ap/SLB

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