Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Schlumberger Limited Posts Mixed Q3 Earnings, Sees Oil Markets Improving

Thursday, October 20, 2016 14:17
% of readers think this story is Fact. Add your two cents.

Schlumberger logoSchlumberger Limited (NYSE:SLB) late today posted mixed third quarter earnings results, but noted that its outlook for the beleaguered oil and gas market is steadily improving.

The Houston-based company reported Q3 adjusted earnings of $0.25 per share, beating out Wall Street’s $0.22 estimate. Revenue plunged 17.2% from last year to $7.02 billion. Analysts expected better revenues of $7.09 billion.

On a better note, Schlumberger’s Q3 revenue decline appears to be slowing considerably. SLB’s revenue fell 2% on a sequential basis from Q2.

The company is beginning to see a light at the end of the tunnel in terms of the several year-long oil price crash. SLB commented via press release:

In the global oil market, the supply and demand of crude is now more or less balanced as evidenced by flattening petroleum inventory levels and the start of consistent draws toward the end of the quarter—particularly in North America. At the same time, oil demand for 2017 was again revised upward in October and if combined with OPEC’s announced intention to cut production, this suggests further inventory draws in the coming quarters that should lead to upward movement in prices.

Schlumberger shares rose $0.51 (+0.61%) to $83.50 in after-hours trading Wednesday. Prior to today’s report, SLB had gained 18.57% year-to-date.


You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.