At an energy conference in New Orleans today, the CEO of Schlumberger Ltd. (NYSE: SLB) said that downward pressure on prices for the company’s hydraulic fracturing (fracking) services will have a negative impact on the company’s earnings “in this and in the coming quarters.” As rigs are moved from dry gas fields to the more liquids rich fields, costs also rise and utilization rates fall, compounding the profit problems.
Baker Hughes Inc. (NYSE: BHI) warned on corporate earnings last week, leaving only Halliburton Co. (NYSE: HAL) among the big three oil field services companies to remain silent about its prospects.
Shares in Schlumberger are down about -5% at $72.42 in a 52-week range of 54.79-$95.53. Halliburton’s shares are up about 0.8% at $33.67 in a 52-week range of $27.21-$57.77.
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