Oil service wars

22 Oct 2007 By Cyrus Sanati

Investors lopped $20bn off Schlumberger s market value because of project delays. Meanwhile, rival Halliburton has been successful in chipping away at Schlumberger s dominance in the lucrative eastern hemisphere. These slipups will make it easier for Halliburton to take even more.

This content is for Subscribers only

Context News

On Friday, Schlumberger reported thirdquarter revenue of $5.93bn versus $5.64bn in the second quarter of 2007, and $4.95bn in the third quarter of 2006. Revenue and profit from its operations in North American fell 3% and 16% respectively from the second quarter. The company's stock fell 11% on Friday and then fell another 4% on Monday.

Halliburton's thirdquarter net income rose 19% on strong growth from operation in the eastern hemisphere. Revenue and profit from its operations in North America were up 6% and 1%, respectively, from the second quarter. The company's stock fell 5% on the sour Schlumberger earnings. Its stock recovered a bit of ground on on Monday, closing up 1.3%.

Schlumberger is the world's largest oilfield service company. The majority of its revenues, 75%, come from operations in the eastern hemisphere.

Halliburton is the world's second largest oil field company. The majority of its revenues, 70%, are derived from operations in the western hemisphere.

Context News

Schlumberger is the world's largest oilfield service company. The majority of its revenues, 75%, come from operations in the eastern hemisphere.

Halliburton is the world's second largest oil field company. The majority of its revenues, 70%, are derived from operations in the western hemisphere.

Email a friend

Please complete the form below.

Required fields *