Schlumberger earnings drop 49 percent

HOUSTON, October 16, 2015 – Schlumberger has announced a 49-percent drop in revenues for the third quarter of 2015.

The oilfield services giant’s third-quarter report revealed a global dip in revenues of 27 percent, with North American revenues dropping by 48 percent. Overall revenues were recorded at $6.07 billion.

In a statement released on Thursday, chief executive Paal Kibsgaard called cutbacks in spending on oil and gas projects “dramatic” and said the market’s “fundamental balance of supply and demand continues to tighten.”

However, any resurge in prices would likely be checked by an economic slowdown in China and an injection of Iranian oil into global markets, he noted.

The report came a day after another oil business, Woodside Petroleum, announced severe losses for the quarter, with its revenues dropping by 45 percent.

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