Schlumberger's chief executive Andrew Gould said today the oilfield services giant will have difficulty meeting Wall Street profit forecasts this year, adding that rising natural gas drilling in North America will not lead to "satisfactory returns" this year.
As energy prices have rebounded from the crash of 2008, oil producers are investing more in projects. That has created more demand for drilling rigs and has bolstered prices and margins, although levels are still not at healthy levels for oilfield services companies.
"We do feel ... that (Wall) street consensus estimates for the full year remain a little on the high side and would require a very strong second half year to achieve," Reuters quoted Gould telling the Howard Weil energy conference. The company's shares fell 3% in early trading....MORE
HT: NewsWatch: Energy who had a few interesting links today. More later.