Schlumberger reports 4Q loss, but tops expectations

By The Associated Press

Schlumberger NV on Friday reported another loss during its most recent fourth quarter as low energy prices continue to impact revenue.

 

NEW YORK (AP) — Schlumberger NV on Friday reported another loss during its most recent fourth quarter as low energy prices continue to impact revenue.

The world's largest oilfield services company lost 15 cents per share, or $204 million. That's a narrower loss from more than $1 billion in the same quarter a year ago.

Revenue fell 8.2 percent to $7.11 billion.

Still, the results met Wall Street expectations, with the average estimate of 17 analysts surveyed by Zacks Investment Research for earnings of 27 cents per share. Twelve analysts surveyed expected $7.1 billion in revenue.

The company, with bases in Paris, Houston, London and The Hague, Netherlands, is the world's largest oilfield-services provider, helping energy companies explore for and produce oil and gas. The business has sagged with the plunge in oil prices that started in mid-2014.

For the year, the company reported a loss of $1.69 billion, or $1.24 per share, swinging to a loss in the period. Revenue was reported as $27.81 billion.

Schlumberger shares have climbed almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 1 percent. The stock has increased 39 percent in the last 12 months.

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