Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Fourth Quarter (4Q) Update
Schlumberger Predicts 30% Jump in Domestic E&P Spend; Led by Permian
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Schlumberger reported results for full-year 2016 and the fourth quarter of 2016.
Conference Call Highlights: Schlumberger predicts that 2017 North America E&P investments will increase by around 30% led by the Permian basin Kibsgaard's thoughts on International market: "All parts of the international market has the potential to surprise.We have a very very solid base line business coming out of Russia as well as the GCC part of the Middle East." In terms of technology, we saw the strongest growth on land in pressure pumping, followed by directional drilling, drill bits and drilling fluids.Full-year 2016 revenue of $27.8 billion decreased 22% year-on-year, despite three quarters of activity from the Cameron Group that contributed $4.2 billion in revenue. Excluding Cameron…
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