Chron Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse. The company attributed the loss to writing down the value of assets by $8.5 billion because of oil prices at 20-year lows and the collapse of demand created by shutdown orders during
Houston Chronicle Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic. Schlumberger CEO Olivier Le Peuch reported the budget cuts during a Tuesday morning fireside chat at the Scotia Howard Weil Energy Conference in
Reuters RIYADH – The growth in U.S. shale oil production will slow to 600,000 to 700,000 barrels per day in 2020 and to 200,000 bpd in 2021, the chief executive of U.S. oilfield services giant Schlumberger said on Tuesday. U.S. shale output has surged over the past three years to some 13 million barrels per day, making the country the
Houston Chronicle Oilfield service giant Schlumberger is moving one of its top executives to lead a newly created division for “new energy” initiatives. In a Friday morning filing with the Securities and Exchange Commission, Schlumberger reported that Executive Vice President of Technology Ashok Belani switched roles Feb. 11 to become executive vice president of Schlumberger New Energy. Schlumberger says its
Houston Chronicle Oilfield service giant Schlumberger grew its global headcount in 2019 despite finishing the year with a $10.1 billion loss and laying off 1,400 workers in the United States. In a Wednesday morning filing with the U.S. Securities and Exchange Commission, Schlumberger reported that the company had 105,000 employees at the end of 2019. The figure marks a 5
Reuters CARACAS – The U.S. Treasury Department on Saturday granted permission for Chevron Corp, the last major U.S. oil company operating in Venezuela, to continue working in the country until April 22. The United States last year imposed sanctions that barred imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela’s state-run oil company PDVSA. The move was
Houston Chronicle Schlumberger, the largest oil-field service company in the world, lost $10.1 billion in 2019 as a result of hefty write-downs on two past acquisitions and weakening demand for hydraulic fracturing services in the United States and Canada. The company’s 2019 loss on $32.9 billion in revenue compares with a $2.2 billion profit on $32.8 billion in revenue in
Houston Chronicle The world’s largest oilfield service company plans to join a United Nations-sponsored program to reduce greenhouse gas emissions. In a Thursday afternoon statement, Schlumberger reported that it plans to join Science Based Targets, an emission reduction program sponsored by the U.N. Global Compact program, the London-based Carbon Disclosure Project, Washington, D.C.-based World Resources Institute and Switzerland-based World Wildlife
Source: Houston Chronicle The world’s largest oil field service company beat Wall Street expectations on revenue but got stung by pretax charges that resulted in a multibillion loss for stockholders during the third quarter. Schlumberger reported a $11.4 billion loss on $8.54 billion of revenue during the third quarter, which translated into a loss per share of $8.22 for common
From Reuters Franco-American oil services firm TechnipFMC Plc (FTI.N) said on Monday it would spin off its engineering and construction operations into a separate company, leaving it as a technology-focused equipment supplier to oil and gas companies. TechnipFMC, which had a market capitalization of $10.31 billion, said the new Paris-based company will deal with onshore and offshore oil and gas
By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling board of directors recommends appointment of Paal Kibsgaard as chairman The board of directors for Borr Drilling Limited (stock ticker: BORR), an international drilling contractor based out of Bermuda, has recommended former Schlumberger (stock ticker: SLB) CEO Paal Kibsgaard be appointed as the company’s new chairman, following a unanimous
From Reuters General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company’s operations, rose 14% to $3.26 billion in the second quarter, led
Sign up to receive daily news and stock prices from Oil & Gas 360® directly in your email inbox.
Market Data ©2020–2024 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.
