Schlumberger Ups Revenue and Reduces Quarterly Loss

Oilfield services major Schlumberger has posted second-quarter 2017 loss of $74 million, or 5 cents per diluted share, versus loss of $2.16 billion, or $1.56 per diluted share same time last year.

Sequentially, the profit was at $488 million against $347 million, excluding charges and credits, however the company ended the previous quarter in black with $ 279 million profit.

Schlumberger’s revenue was up 4 percent year-on-year at $7.46 billion, from $7.16 billion in the corresponding period in 2016, and also increased 8 percent sequentially.

Cameron revenue of $1.26 billion increased 3 percent sequentially but fell 17 percent year-on-year. OneSubsea had orders of $181 million and a backlog of $2.37 billion at the end of second quarter 2017.

Schlumberger reported quarterly cash flow from operations of $858 million, and $1.5 billion for the first half of 2017.

The company approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on October 13, 2017 to stockholders of record on September 6, 2017.

Subsea World News Staff