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Drilling Giant records $ 11 billion loss



The world's largest oil field supplier, Schlumberger (NYSE: SLB), reported a net loss of $ 11.38 billion for the third quarter on Friday, compared with a $ 644 million profit for the third quarter of 2018, following a hefty advance charge $ 12.7 billion weighed in on the latest reported results.

The pre-tax, driven by market conditions, is almost entirely non-cash and relates primarily to goodwill, intangible assets and fixed assets, said Schlumberger, who also marked a continued decline in North America's drilling growth.

The decline resulted in an annual decline of 11 percent in Schlumberger's North American revenues. North American revenues fell to $ 2.85 billion in the third quarter of 201

9 from $ 3.189 billion in the same period 2018.

Outside North America, the world's top oilfield company reported an 8 percent annual increase in international revenues to the United States for $ 5.629 billion.

"Sustained international activity drove overall growth despite mixed results in North America," said Schlumberger's CEO, Olivier Le Peuch, commenting on the results.

Schlumberger's North America operations had strong offshore sales, but land drilling growth was "minimal" due to declining activity and further price volatility, he added.

”Sa Le Peuch.

Related: Oil change and violent protests Rattle Ecuador [19659002] Schlumberger also pointed to increased market uncertainty, with trade disputes challenging global economic growth and weighing the prospects for oil demand.

Already in the second quarter of this year, Schlumberger warned investors about the weakness in the North American oil service market, as land investment is falling due to cash flow constraints on E&P operators. Competitor Halliburton also admitted that the North American drilling market on land has become "challenging."

In the midst of the further slowdown in shale drilling growth, Halliburton said earlier this month that it would lay off 650 workers across four US states.

By Tsvetana Paraskova for Oilprice.com

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