Schlumberger CEO: No signs of slowing international activity
HOUSTON--Schlumberger Ltd. isn't seeing signs of a slowdown in international activity, despite increasing concerns related to a shaky global economy, Chief Executive Paal Kibsgaard told investors Friday.
"Absent a future setback to the world economy, we're expecting 10% international growth" in operations this year, he said during a conference call.
In the U.S., however, the company expects the trend of falling hydraulic-fracturing margins to continue into the next quarter, as the market is still dealing with excess capacity, especially for pressure-pumping services. But increased activity in the U.S. Gulf of Mexico is offsetting declining margins in fracking services, Mr. Kibsgaard said.
Mr. Kibsgaard highlighted increased demand for "high end" oil-field services in China and said Russia is on track to be one of the company's fastest-growing markets.
He said Argentina's nationalization of energy company YPF SA creates some short-term uncertainty, but the company's outlook is positive in the medium and long term.
Dow Jones Newswires
07/20/2012