December 4, 2018 / 6:30 PM / 6 months ago

Schlumberger warns weak fracking demand to hurt its North America Q4 revenue

HOUSTON, Dec 4 (Reuters) - Schlumberger, the world’s largest oilfield services provider, warned investors on Tuesday that its North America revenues would likely decline 15 percent in the fourth quarter sequentially on steeper-than-expected price declines in hydraulic fracturing.

The drop in hydraulic fracturing activity this year had been “significantly larger than we expected,” Patrick Schorn, executive vice president, said at a conference in New York, leading to a bigger decline in pricing than it had originally forecast. (Reporting by Liz Hampton; Editing by Bernadette Baum)

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