Schlumberger, the world’s largest oilfield services provider, saw on October 20, 2017, an increase in profit and revenues during the 3rd quarter of 2017 compared to the prior-year period.
The company posted a profit of $545 million for the 3rd quarter of this year, compared to a $176 million profit recorded in the same period of 2016.
During the 3rd quarter 2017, Schlumberger’s revenues increased 6% sequentially and 13% year-over-year.
Namely, the company’s revenues in 3Q 2017 totaled $7.9 billion compared to $7.5 billion in 2Q 2017 and $7.02 billion in 3Q 2016.
According to a statement by Schlumberger CEO, Paal Kibsgaard, the activity growth during the quarter was led by the company’s North America Land GeoMarket.
Kibsgaard added: «We also saw strong sequential activity growth in Russia, the North Sea, and Asia, while our activity in the rest of the world was largely flat compared with the 2nd quarter.»
Commenting on the current situation in the oil & gas market, Kibsgaard stated that the oil market is now in balance, which is reflected in the upward movement in oil prices over the past month.
«It is also worth noting that the geopolitical risk premium on the oil price, which was quite significant in the past, has been replaced in many ways today by an oversupply discount. Given the visible tightening of the supply and demand balance and the current geopolitical tensions in many of the world’s key oil producing regions, a geopolitical risk premium may again become a significant factor,» Paal Kibsgaard concluded.