Schlumberger quarterly profit rises as oilfield services demand recovers
At Market.us Scoop, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Our data is available to the public free of charge, and we encourage you to use it to inform your personal or business decisions. If you choose to republish our data on your own website, we simply ask that you provide a proper citation or link back to the respective page on Market.us Scoop. We appreciate your support and look forward to continuing to provide valuable insights for our audience.
October 22, 2021
(Reuters) -Schlumberger NV reported a rise in third-quarter adjusted income on Friday, buoyed by higher demand for the company’s oilfield services and related equipment from producers looking to capitalize on a rebound in crude prices.
Global crude prices rose 4.5% in the September quarter and have climbed nearly 64% since the start of 2021 on the back of a vaccine-fueled demand recovery.
Worldwide rig counts was 1,448 at the end of the third quarter, compared with 1,019 a year earlier, according to Baker Hughes data.
“The industry macro fundamentals have visibly strengthened this year, particularly in recent weeks — with demand recovery, oil and gas commodity prices at recent highs, low inventory levels, and encouraging trends in pandemic containment efforts,” Schlumberger Chief Executive Officer Olivier Le Peuch said in a statement.
Schlumberger rounded a largely mixed quarter for the world’s largest oilfield services providers. Rivals Halliburton and Baker Hughes both posted quarterly profit from year-ago loss this week but results were impacted by Hurricane Ida-led disruptions.
The world’s largest oilfield services provider said net income, excluding charges & credits, was $514 million, or 36 cents per share, for the three months ended Sept. 30, compared with $228 million, or 16 cents per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
Source Link Schlumberger quarterly profit rises as oilfield services demand recovers
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
Latest from Author
- Eye-Opening Lead Generation Statistics Every Marketer Should Know
- Virtual Reality Statistics and Fact By Market Value, Adoption, Challenges and Opportunities
- Project Management Statistics By Success, Failure and Performance
- Content Marketing Statistics By Market Value, Adoption, Challenges and Opportunities
- Endpoint Security Statistics By Regional Analysis, Market Growth, and Adoption