Schlumberger 3Q15: Revenue Down 33% Worldwide, Down 47% in N.A.

chart going downHouston-based Schlumberger (pronounced Shlum-Bur-Zhay), the largest oilfield services company in the world, reported its third quarter 2015 financial results yesterday. Schlumberger has major operations in the Marcellus/Utica, as well as 85+ other countries around the world. BIG company–employing over 100,000 people. Schlumberger is a good proxy for how the entire oil and gas industry is doing, given its size. And how is the mighty Schlumberger doing? Worldwide revenue for the company is down 33% from the same quarter last year. If you look only at North America, Schlumberger’s revenue is down 47% year over year–nearly half! Revenue from outside of North America performed slightly better–down “just” 27% year over year. The reason for the massive drop in revenue, according to CEO Paal Kibsgaard: fewer rigs operating and for those rigs that are operating, drillers are hammering the company to lower prices. Was there any good news in the update? Schlumberger has taken advantage of the low price environment to hoover up a number of associated and/or quasi-competitive companies, including Cameron International, Novatek Inc., and T&T Engineering Services. Below are select extracts of yesterday’s update, followed by a PDF of the full update (for those into that sort of thing)…

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