Schlumberger 2Q16: The Worst is Over, Drilling on the Upswing

SchlumbergerEarlier this week MDN brought you the second quarter update from Halliburton, the world’s second largest oilfield services company (see Halliburton 2Q16: $3.2B Loss, Lays Off Another 5K, Thx to Obama DOJ). One of the (many) things said by Halliburton in their update is that it appears to them that the worst is now over–that drillers are beginning to drill again. Yesterday the worlds largest oilfield services company, Schlumberger, agreed. Sclumberger issued their 2Q16 update. The big news is that both Schlumberger and Halliburton have “called the bottom” of the oil and gas market. When they both agree, it’s a sure thing. Like Halliburton, Schlumberger also lost big money in 2Q16–$2.16 billion (vs. a $3.2 billion loss for Halliburton). In 2Q15 Schlumberger made $1.12 billion in profit. What a difference a year makes! At least we’re now turning it around. Here’s the Schlumberger 2Q16 update…

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