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Rising energy prices and geopolitical instability could force more nations to explore shale gas reserves, leading to wider opportunities for fracking.
National Oilwell Varco, Inc.
Clean Harbors, Inc.
Helmerich & Payne, Inc.
Patterson-UTI Energy, Inc.
Oil States International, Inc.
Newpark Resources, Inc.
Nabors Industries Ltd.
U.S. Silica Holdings, Inc.
Precision Drilling Corporation
TETRA Technologies, Inc.
Flotek Industries, Inc.
CARBO Ceramics Inc.
Superior Energy Services, Inc.
The dollar posted its worst week in almost four months on Friday, pummelled by sterling and euro rallies driven by a deal on Britain's departure from the European Union, while China's weakest growth in nearly three decades weighed on equities. The dollar crept lower against the euro as the common currency enjoyed a lift from hopes a Brexit deal could improve the odds of the euro zone avoiding a recession. Dismal manufacturing data and worries the U.S.-China trade war could slow euro zone economies even further have rattled the euro this year, while fears of a disorderly Brexit had slammed sterling until a week ago.
RPC's (RES) third-quarter 2019 performance is expected to have been influenced by slowdown of demand for pressure pumping services in U.S. shale plays.
(Bloomberg) -- Wall Street guessed that writedowns from Schlumberger Ltd. were coming, but some analysts were taken aback by the sheer size of the $12.7 billion in pretax charges reported by the oil services company on Friday.The company’s earnings report was its first since Chief Executive Officer Olivier Le Peuch took the reins in August. The writedowns led the company to post its largest net quarterly loss in at least a decade. Schlumberger said on its earnings conference call that the writedowns were part of the new CEO’s strategy.The size of the charges was “eyebrow-raising,” analysts at Tudor, Pickering, Holt & Co. said in a note after the report was released. “Better to rip Band-Aid off sooner vs. later.”Nonetheless, net income excluding one-time items was 43 cents a share, exceeding all 27 estimates from analysts in a Bloomberg survey. Schlumberger’s stock climbed as much as 4.1% in New York trading and was up 2.3% to $32.62 at 11:39 a.m. Eastern time. Most of the charges -- $8.8 billion -- comprised writedowns on goodwill, the intangible asset on a corporate balance sheet that typically arises after the acquisition of another company. Schlumberger cited its 2010 purchase of Smith International Inc. and its takeover of Cameron International Corp. in 2016, and the subsequent deterioration in market conditions.Schlumberger also reported a $1.58 billion charge related to its pressure-pumping business in North America, where the fracking industry is slowing. Citing “ongoing economic challenges in Argentina,” it recorded $127 million of charges due to its activities in the country. It also had $62 million of severance costs in the quarter.(Adds comparison to estimates and share price in fourth paragraph)To contact the reporters on this story: Simon Casey in New York at email@example.com;David Wethe in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Joe Carroll, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The move, by Olivier Le Peuch, writes down his predecessors' big investments that took the world's largest oilfield services company deeper into shale and oilfield operations and shows that he intends to shift the company toward more asset-light software and services-driven businesses. Excluding the charges, Schlumberger earned 43 cents a share, above the 40 cents estimated by analysts. While revenue, at $8.5 billion, was flat compared with the same period a year earlier, sales rose in all regions except for North America.
Schlumberger (SLB) delivered earnings and revenue surprises of 7.50% and 0.67%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
U.S. stock index futures were little changed on Friday, as better-than-expected earnings reports were overshadowed by fresh jitters about the global economy after economic data from China revealed growth slowed to its weakest pace in almost 30 years. Oilfield services provider Schlumberger NV also gained 1.8% following a quarterly profit beat. The reporting season kicked off on a strong note this week, with solid results from major banks, healthcare giants and streaming pioneer Netflix Inc. The S&P 500 and Dow Jones Industrial Average indexes were on pace to cap their second week in gains.
Investing.com -- China's economy grew at its slowest rate in nearly 30 years in the third quarter, and Boris Johnson is battling to get his Brexit deal through a recalcitrant House of Commons, while Saudi Arabia has postponed the IPO of national company Saudi Aramco - again. Here's what you need to know in financial markets on Friday, 18th October.
Patterson-UTI (PTEN) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Precision Drilling (PDS) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
To the annoyance of some shareholders, RPC (NYSE:RES) shares are down a considerable 31% in the last month. And that...
Although weak oil pricing and conservative capital spending by US explorers might have acted as headwinds in Q3, rising rig count in international market may have lent support to oilfield service.
FMC Technologies (FTI) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
This week we saw the Nabors Industries Ltd. (NYSE:NBR) share price climb by 12%. But spare a thought for the long term...
Transition to a more disciplined capital spending approach within the exploration and production space is likely to have impacted Halliburton's (HAL) third-quarter performance.
Schlumberger's (SLB) Reservoir Characterization and Production segments are expected to have generated lower earnings than the year-ago period.