Arab Today, arab today schlumberger report sharp profits decline due to crude prices slump
Last Updated : GMT 23:25:51
Arab Today, arab today
Arab Today, arab today

Schlumberger report sharp profits decline due to crude prices slump

Arab Today, arab today

Arab Today, arab today Schlumberger report sharp profits decline due to crude prices slump

Schlumberger
Washington - KUNA

Schlumberger, the world's largest oilfield services company, reported a sharp decline in fourth quarter profits relating to lower expected exploration spending as a result of the plunge in crude oil prices.
The Houston, Texas-based company reported a profit of USD 302 million, or 23 cents per share, down from USD 1.66 billion, or USD 1.26 per share, a year ago. Fourth quarter revenue rose six percent from a year ago to USD 12.64 billion.
Wall Street analysts expected earnings of USD 1.46 per share and revenue of USD 12.72 billion.
The plunge in oil prices (a barrel of US crude was down to USD 46.28 per barrel Thursday), has put pressure on the entire sector to cut costs.
"In this uncertain environment, we continue to focus on what we can control," said CEO Paal Kibsgaard. "We have already taken a number of actions to restructure and resize our organization that has led us to record a number of charges in the fourth quarter." Included in the charges, a USD 296 million charge relating to the layoff of approximately 9,000 people. The company currently employs 120,000 people across the globe. Other companies like Shell and Pemex have similarly made cuts to their workforce.
It also recorded a USD 806 million charge for the restructuring of its WesternGeco marine seismic fleet in an effort to lower operating costs.
Excluding charges, net income was USD 1.94 billion, or USD 1.50 per share, up nine percent from a year ago.
Driving Schlumberger's top-line growth was a 19 percent rise in revenue from North America; International revenue ticked up just one percent. Schlumberger noted that strength in the Middle East and Asia was partially offset by a significant decline in revenue from sanctioned Russia and conflict-ridden Libya.
In a separate release Thursday, the company announced plans to raise its dividend by 25 percent. It also said it repurchased 12.1 million shares during the quarter, at a total value of USD 1.1 billion.
Schlumberger shares are down 10 percent over the last 12 months, beating the 20 percent decline for the oil and gas sector, and edged up 0.8 percent to USD 77.25 in after-hours trading.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today schlumberger report sharp profits decline due to crude prices slump Arab Today, arab today schlumberger report sharp profits decline due to crude prices slump

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday