Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Second Quarter (2Q) Update
Schlumberger Paints Bleak Picture of US Land, Frac & Drilling Activity
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Schlumberger released its Q2 2019 results and below is a quick summary of the highlights from its report and conference call:
2019 US Onshore CapEx will be down -10%, which is less than the 15% we predicted back in MarchThe company said, "The cash flow focus amongst the E&P operators confirms our expectation of a 10% decline in North America land investments in 2019."
E&Ps are focused less on growth and more on capital disciplineSchlumberger said "On the supply side, we continue to see U.S. shale oil as the only near to medium-term source of global production growth. However, the consolidation among North American E&P companies is further strengthening the shift away from growth focus towards financial discipline."
The company said "So first, starting…
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