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Schlumberger boosts 1Q revenues as profit falls

Schlumberger increased its revenues by almost 6 % during the 1st quarter of 2017 while its profit fell, compared to the year-before period.

Schlumberger boosts 1Q revenues as profit falls


Schlumberger, the world’s largest oilfield services provider, increased its revenues by almost 6 % during the 1st quarter of 2017 while its profit fell, compared to the year-before period, the company reported on April 21, 2017.

In the quarterly report on Friday, the company posted a $6.89 billion in revenues for the 1st quarter 2017, an increase compared to $6.52 billion in the same period of 2016.

According to Reuters, this increase is the company’s 1st after 8 quarters.

At the end of 4th quarter 2016, the company’s revenues were $7.1 billion.

The increase in revenues in 1Q 2017 was led by hydraulic fracturing and drilling services and was also helped by Artificial Lift, Surface Systems and Valves & Measurement.

Schlumberger’s net income on GAAP basis for 1Q 2017 dropped to $279 million, when compared to $501 million net income in the corresponding period of 2016.

The company’s cash flow from operations for the 1st quarter of 2017 was $656 million, despite the consumption of working capital that is typically experienced in the 1st quarter, the company said.

In the report, the oilfield services provider confirmed it bought a minority interest in Borr Drilling, a Norwegian rig contractor, for $221 million.

The company said that this transaction will enable it to offer integrated, performance-based drilling contracts in the offshore jack-up market.


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