Trouble Continues in Oilfield Services (SII, HAL, WFT, SLB)

Energy

Published: April 27, 2009 8:38 am

Last Updated: April 28, 2020 8:46 am

Well drilling and completion services just aren’t paying off for anyone this reporting season. Smith International Inc. (NYSE:SII) reported diluted EPS of $0.44 on revenues $2.41 billion. After deleting a restructuring charge of $34.8 million, EPS reaches $0.52. First quarter 2008 EPS was $0.87 on $2.37 billion in revenue.

Like its brethren oilfield services providers Halliburton Company (NYSE:HAL), Weatherford International Ltd. (NYSE:WFT), and Schlumberger Ltd. (NYSE:SLB), lowered targets didn’t rescue Smith.

In the last quarter of 2008, Smith’s EPS reached $0.91 on revenues of $3.06 billion. For the 2009 first quarter, analysts had been expecting EPS of $0.57 and revenues of $2.56 billion. Not very aggressive, but still out of reach.

Smith’s shares haven’t traded yet in pre-market. The company’s closing price on Friday was $27.77, and its 52-week range is $18.23-$88.40. It could be a long time before that top is reached again.

Paul Ausick
April 27, 2009

Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!

Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.