Schlumberger Reports Unsurprising First-Quarter Results; Looking to Push Pricing Improvement in 2019
Schlumberger's first-quarter results were unsurprising. Revenue fell 4% sequentially due to seasonality but were up 1% year over year, as 3% year-over-year international market growth was offset by a 3% decline in North America (with the latter caused by the U.S. shale activity slowdown). Overall adjusted operating margin fell to 8.2% from 9% in the previous quarter owing to a weaker mix in the Reservoir segment along with a temporary bump in stock compensation pushing up corporate-level expense...Schlumberger provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company has four segments: Reservoir Characterization, which consists of the principal technologies involved in finding and defining hydrocarbon resources; Drilling, which consists of the principal technologies involved in the drilling and positioning of oil and gas wells; Production, which consists of the principal technologies involved in the lifetime production of oil and gas reservoirs; and Cameron, which consists of the principal technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities.
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