Schlumberger Posts Loss

Oilfield services major Schlumberger has posted fourth-quarter 2016 net loss of $204 million, versus a loss of $1.02 billion in the same period last year.

The company’s revenue fell 8 percent to $7.1 billion, from $7.74 billion in the corresponding period in 2015.

Schlumberger reported cash flow from operations of $2 billion.

Schlumberger chairman and CEO, Paal Kibsgaard, said: “While earnings growth continues to be a very important financial driver for us, full-cycle cash generation is even more critical, and here, we remain unique in the industry. Over the past two years of this downturn, we have generated $7.5 billion in free cash flow, which is more than the rest of our major competitors combined.”

On January 5, 2017, Schlumberger announced the acquisition of Peak Well Systems, a specialist enterprise in the design and development of advanced downhole tools for flow control, well intervention, and well integrity.

The company’s board of directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on April 17, 2017 to stockholders of record on February 15, 2017.