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Schlumberger : Frac Market Challenged, Drilling Slow, International Up
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Schlumberger reported its Q1 2019 results - here are highlights from its report and conference call.
SLB Hit by Drilling Drag as E&Ps Strive to Live Within Cash FlowThe company saw a near 20% drop in earnings YOY due to the sluggish drilling activity in Q1. The slower pace is likely connected to investors pushing E&Ps to live within their cash flow and cut down on their debt loads.
Schlumberger Chairman and CEO Paal Kibsgaard commented, “Q1's revenue decline reflecting the expected reduction in North America land activity and seasonally lower international activity in the Northern Hemisphere."
2019 Outlook: Challenging Year for Frac Market, Rig ActivityWhile frac fleets seem to be going back to work (particularly in the Permian) post-Q1, Kibsgaard noted that the frac market will likely…
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