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Schlumberger Marks 17% Upswing in Rig / Frac Activity in Q3
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Schlumberger reported results for the third quarter of 2016.
Highlights: Land revenue grew 14% sequentially through higher drilling and fracturing activity as the average US land rig count increased sequentially and fracturing stage count increased 17%. Much of the increase in land drilling activity in the US was driven by small North American independents. Revenue of $7.0 billion decreased 2% sequentially Pretax operating income of $815 million increased 9% sequentially GAAP EPS was $0.13. Excluding Cameron merger and integration charges, EPS was $0.25 Cash flow from operations was $1.4 billion. Free cash flow was $699 million Quarterly cash dividend of $0.50 per share approvedThird-quarter revenue of $7.0 billion decreased 2% sequentially with North America declining 2% and…
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