Schlumberger Ltd. (NYSE: SLB), the world’s No.1 oilfield services provider, said there were early signs of recovery in most parts of the world, following a two-year slump in oil prices that put the brakes on global drilling activity.
The company, which derives more than three-fourths of its revenue from international operations, had called the bottom of the cycle in the second quarter.
“The only place where we don't see any signs of recovery at this stage is in Asia,” Chief Executive Paal Kibsgaard said on a post-earnings call on Oct. 21.
The company reported a quarterly profit that topped analysts’ expectations on Oct. 20, helped by cost cuts and a ramp up in drilling activity in North America.
Schlumberger said it expects “solid growth” in the Middle East and Russia in 2017 on a full-year basis, adding that it was also seeing an uptick in investment and activity in Latin America, Europe and Africa.
However, the increase in Latin America, Europe and Africa is not likely to be significant on a full-year basis, the company said.
Recommended Reading
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
Which Haynesville E&Ps Might Bid for Tellurian’s Upstream Assets?
2024-02-12 - As Haynesville E&Ps look to add scale and get ahead of growing LNG export capacity, Tellurian’s Louisiana assets are expected to fetch strong competition, according to Energy Advisors Group.
Marketed: Confidential Seller Certain Mineral, Royalty Interests in Louisiana
2024-02-13 - A confidential seller retained RedOaks Energy Advisors for the sale of certain mineral and royalty interests in Louisiana.
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-31 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Matador Bolts On Additional Interest from Advance Energy Partners
2024-02-27 - Matador Resources carved out additional mineral and royalty interests on the acreage it acquired from Advance Energy Partners for $1.6 billion last year.