Schlumberger: profit drops, but signs of normalisation
(CercleFinance.com) - Schlumberger said on Thursday that its profits sank in the first quarter, as the leader in oilfield services suffered from a reduction in North America land activity and seasonally lower international activity in the Northern Hemisphere.
Excluding charges and credits, net profit fell to 421 million dollars, or 30 cents per share, down from 525 million dollars, or 38 cents per share, on revenue that fell 4% to 7.9 billion dollars.
Schlumberger said reduced software, product and seismic license sales following strong activity in Q4 contributed to the decline.
However, the company said it sees "clear signs" that exploration and production (E&P) investments are starting "to normalize" as the industry heads towards a more sustainable financial situation.
The Schlumberger stock was up 0.8% in pre-amrket trading on Thursday.
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