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Gold/Mining/Energy : Schlumberger - The biggest/baddest oil service company -- Ignore unavailable to you. Want to Upgrade?

To: Neil H who wrote (129)	4/22/1999 10:39:00 AM
From: Neil H	Respond to of 216

Related Quotes SLB 60 7/8 +1/2 delayed 20 mins - disclaimer Thursday April 22, 9:50 am Eastern Time Schlumberger Q1 earnings hammered by low oil price NEW YORK, April 22 (Reuters) - Schlumberger Ltd.(SLB - news), the world's number two oilfield services company, said on Thursday first-quarter earnings fell sharply as low oil prices led oil firms to curb their efforts to find and develop new reserves. Net income before one-time charges fell 53 percent to $179 million or $0.32 per share. Wall Street had been expecting earnings per share of $0.30, according to First Call Corp. which tracks analysts' estimates. Schlumberger said it was continuing to cut jobs during the first half of this year and is scheduled to eliminate a further 2,500 by the end of June, bringing the total to 10,000 since last July for a 21 percent reduction in its oilfield services headcount. The company took an after-tax charge of $90 million or $0.16 per share in the first quarter to cover the job cuts. Schlumberger said operating revenues fell 24 percent to $2.31 billion in the first quarter as low oil prices led to a 35 percent drop in the worldwide total of active oil drilling rigs, but the company said there were hopeful signs on the horizon. ''Early signs of a recovery in oil demand, particularly in Asia, coupled with the decline in non-OPEC production due to reduced (exploration and production) spending by the oil companies, are setting the stage for a vigorous recovery in oilfield activity next year,'' Chairman and Chief Executive Officer Euan Baird said in a statement. ---------- Looks solid for the future! Neil