Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Commodities»SLB Revenue Hurt by Falling Commodity Prices
    Commodities

    SLB Revenue Hurt by Falling Commodity Prices

    October 18, 20242 Mins Read


    Key Takeaways

    • Oilfield services provider SLB said a lower trend in commodity prices negatively affected its quarterly results released Friday.
    • The company said the recent decline in commodity prices led many of its customers to pull back on their activity and discretionary spending.
    • Friday’s pullback in oil and natural gas prices also dragged down the S&P Energy Sector Index.

    SLB (SLB) shares slumped Friday as a lower trend in oil and gas prices hurt quarterly results for the big oilfield services provider.

    SLB reported third-quarter revenue rose 10% year-over-year to $9.16 billion, about $100 million short of consensus estimates by analysts surveyed by Visible Alpha. Earnings per share (EPS) of 83 cents came in 4 cents below forecasts.

    North American revenue rose 3% to $1.69 billion, held back by “lower drilling activity in U.S. land as the market remained constrained by gas prices and ongoing capital discipline by operators,” Chief Executive Officer (CEO) Olivier Le Peuch said in remarks after the earnings were posted.

    International revenue soared 12% to $7.43 billion, boosted by slightly higher Middle East & Asia demand, but Latin American revenue declined by 3%.

    CEO Notes ‘Cautionary Approach’ by Customers

    Le Peuch said that “commodity prices have been under pressure” over the past few months. He blamed that on “uncertainty around OPEC+ supply releases, weaker demand from China, and softer economic growth rates in the U.S. and Europe.” Le Peuch said those factors “resulted in a cautionary approach to activity and discretionary spend by many customers” that were borne out in the earnings report.

    Shares of SLB skidded about 4% to $42.25 Friday afternoon. They are down 19% year-to-date. 

    SLB wasn’t alone in feeling the effects of falling commodity prices Friday. The S&P Energy Sector Index fell as crude and natural gas futures pulled back slightly.

    TradingView




    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Metal Gear Solid-alike Spy Drops fails to capture the magic of the game it apes – GameSpew

    Commodities

    Twisted Metal Season 2 Episodes 4 & 5 Preview: The Tournament Nears

    Commodities

    Russian Pump Prices Spike as Ukraine Drones Strike More Energy Targets

    Commodities

    States scramble to complete renewable energy projects before tax credits expire

    Commodities

    Australia Considers Critical Minerals Price Floor to Help Support New Projects | World News

    Commodities

    a solid, star-studded attempt to broaden their horizons

    Commodities
    Leave A Reply Cancel Reply

    Top Picks
    Commodities

    Cadmium : quels sont les aliments qui en contiennent le plus et peut-on se protéger de ce métal toxique ? : Femme Actuelle Le MAG

    Cryptocurrency

    Shiba Inu (SHIB) Investors Gain 310% In New SHIB Rival Priced $0.00107

    Property

    North-South divide: Social housing challenges more severe in Northern England, research reveals

    Editors Picks

    Hawaiʻi leaders push agricultural priorities in Washington, D.C. : Maui Now

    March 30, 2025

    De la douceur du métal avec Lionel Laussedat, sculpteur sérignanais qui s’expose au 26 Riquet

    April 28, 2025

    European Dividend Stocks To Watch In June 2025

    June 17, 2025

    Retirement planning: How can an SIP calculator be used to plan investments

    March 1, 2025
    What's Hot

    Investing.com stocks of the week By Investing.com

    October 12, 2024

    A Game-Changer for London’s Fintech Scene

    October 18, 2024

    Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm

    April 29, 2025
    Our Picks

    Maine Utility Plan To Report Illegal Cannabis Ops Raises Concerns

    August 8, 2024

    Innovative Chinese dissident uses cryptocurrency to fund his activism

    July 31, 2025

    3 US Dividend Stocks Yielding Over 3%

    February 17, 2025
    Weekly Top

    XAG/USD recovery stalls at $37.40 ahead of US services data

    August 5, 2025

    Tesla stock today rises as Musk lands $29B grant amid turmoil

    August 5, 2025

    As last baby boomers reach retirement, they tackle a quest for fulfillment

    August 5, 2025
    Editor's Pick

    Metal’s Rising Force From Bosnia

    August 20, 2024

    Cryptocurrency promoters on X amplify China-aligned disinformation

    October 29, 2024

    Here’s why it’s time for Israel to embrace Bitcoin and make profit

    July 28, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.