For the first quarter of 2009, Schlumberger reported revenues of $6 billion versus revenues of $6.89 billion in the fourth quarter of 2008, and $6.29 in the first quarter of 2008.Operating income decreased 25% when compared to the fourth quarter of 2008 and 28% year on year.
Schlumberger won a three-year drilling contract with the mexican oil company Pemex. The contract is for drilling services in Pemex's Chicontepec region.
SLB's quarterly net income fell form $1.38 billion ($1.12 per share) in the year-ago period to $1.15 billion (95 cents per share) this year. The company expects revenue and net income to be negatively affected in 2009 due to a decrease in American and Russian drilling operation.
Schlumberger announced that it plans to layoff up to 70,000 workers worldwide in response to falling profits and rising costs.
Schlumberger buys heavy-oil-extraction technology that uses radio frequencies and fluids from Raytheon.
Schlumberger’s stock price fell despite an increase of 35 percent in Q3 profits as the company’s performance in North America has not been good. The revenue for the quarter in North America fell three percent to $1.30 billion, while the pretax operating income dropped by 15 percent. The decrease in North America was primarily due to weaker pricing for pressure pumping in certain areas and a considerable drop in revenue in the Gulf of Mexico.
Stock price rises by almost 20% as Schlumberger's SEC filings indicate another quarter of largely increased revenue and overall success.
Stock price falls by approximately 15% as crude oil prices fall.
Stock price rises by approximately 15% as Schlumberger takes over the entirety of Western Geco.
