Schlumberger Ltd. (NYSE: SLB) has posted diluted earnings-per-share of $1.11 versus $1.09 in the previous quarter, and $0.92 in the fourth quarter of 2006. Revenues were $6.2477 Billion, up from $5.349 Billion in Q4 2006. First Call had estimates at $1.13 EPS and $6.14 Billion in revenues.
The company is describing a strong current environment and outlines the trends it is seeing:
- "current levels of drilling are insufficient to meaningfully slow decline rates, improve reservoir recovery or add sufficient new production capacity. The explosion in exploration licenses awarded in the last three years, the continual expansion of the number of new offshore rigs being ordered for delivery through and beyond the end of the decade, and the industry-wide, as well as our own plans to increase both capex and research and development spend are clear indicators of future growth. It is our view that only a global economic recession that lowers demand can flatten this trend."
The oil services giant closed down about 4% yesterday to $82.51, and the 52-week trading range is $57.41 to $114.84. Despite its positive tone ahead, shares are indicated lower by 2% or 3% in early pre-market activity.
As this is the largest component of the Oil Services HOLDRs (AMEX: OIH), that ETF is one to watch today as this ETF closed down more than $20 over this week at $162.70.
Jon C. Ogg
January 18, 2008
Top Gaining Stocks
Top Losing Stocks