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Schlumberger Gets Bullish on Oil Prices
A massive slump in oil exploration spending pummeled Schlumberger Ltd. (SLB), the world’s largest oilfield services corporation, as profit fell 17% in the fourth quarter. But the company said curtailed spending could be setting the stage for a rebound in oil and gas prices as supplies dwindle.
Schlumberger is pulling back as a collapse in petroleum prices led to a sharp drop in exploration spending by its customers.
Commodity prices have plummeted in recent months, as recessions in some of the world’s largest economies dampened demand. Like all oil producers, Schlumberger has been hurt by the plunge in the price of…
26Jan2009 | Money Morning | 0 comments | Continued
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