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Schlumberger Sees Paradigm Shift In North American E&P Land Spending; Double Frac Fleet
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Schlumberger reported its Q3 2017 results. Highlights from the release / conference call include include:
Paradigm Shift : SLB's Chairman and CEO, Paal Kibsgaard: "In North America land where the E&P companies have added significant CapEx over the past year, the production growth is so far falling short of expectations, driven by supply chain inflation, operational inefficiencies and the need to step out from the Tier 1 acreage. This has led to a moderating investment appetite where the previous pursue to production growth is now being balanced out with an equal focus on generated solid financial returns and operating within cash flow."
What to expect in 2018: The moderation is being led both by operators' needs to be more fiscally responsible and by supply chain inflation. Schlumberger…
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