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Schlumberger: 2019 E&P to Focus on DUCs, Rig Count to Decline; Frac Market

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Schlumberger: 2019 E&P to Focus on DUCs, Rig Count to Decline; Frac Market

Schlumberger reported results for full-year 2018 and the fourth quarter of 2018.

US Operators to Spend Within Cash Flow; Focus on DUCs

Kibsgaard also commented on his outlook for E&P spending and drilling going forward:

"Conversely for the North America land E&P operators, higher cost of capital, lower borrowing capacity and investors looking for capital discipline and increased return of capital, suggests that future E&P investments will likely be at levels much closer to what can be covered by free cash flow. Assuming the trend of increased capital discipline continues in 2019 and WTI oil prices steadily recover to average the same realized level as 2018, we expect E&P investments in U.S. land to be flat to slightly down compared to 2018, with a relatively slow start to the year. "In…
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