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UPDATE 1-Schlumberger warns of moderating N. American activity
October 20, 2017 / 11:26 AM / a month ago

UPDATE 1-Schlumberger warns of moderating N. American activity

(Adds company’s forecast and analysts’ estimates)

Oct 20 (Reuters) - Schlumberger Ltd posted a bigger quarterly profit on Friday as its North American business continues to be helped by strong shale drilling, but the oilfield services giant said that investments in the region was moderating.

The warning mirrors that of peer Baker Hughes, which also said it was expecting a challenging market for the rest of the year.

“In the U.S. Gulf of Mexico, activity continued to weaken in the third quarter, and the outlook remains bleak for this region based on current customer plans,” Schlumberger said in a statement.

Net profit attributable to Houston-based Schlumberger company rose to $545 million, or 39 cents per share, in the quarter ended Sept. 30, from $176 million, or 13 cents per share, last year.

Excluding items, the company earned 42 cents a chare, matching analysts average estimate, according to Thomson Reuters I/B/E/S/.

The company’s revenue rose to $7.91 billion from $7.02 billion in the same quarter last year.

Schlumberger shares were slightly higher at $64.60 in premarket trading on Friday, after closing at $64.50 on Thursday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee and Anirban Paul in Bengaluru; Editing by Savio D‘Souza)

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