Schlumberger

Schlumberger Ltd. is signaling a sharper-than-expected sequential decline in profits for the fourth quarter because of a “significantly larger drop in activity” than expected, a top executive said Tuesday.

North America onshore operations are set to surge this year for Schlumberger Ltd., as it readies more horsepower and expands capacity for sold-out rotary steerables and drillbit technologies, CEO Paal Kibsgaard said Friday.

Weatherford International plc has sold its U.S. pressure pumping and pump-down perforating assets to a subsidiary of Schlumberger Ltd. for $430 million, scrapping a plan initiated in early 2017 to partner in the domestic arena.

Calgary-based Cenovus Energy Inc. is selling its natural gas-weighted Palliser properties in southeastern Alberta for $1.3 billion to a joint venture between privately held Canadian producer Torxen Energy and Schlumberger Ltd.

A surge in hydraulic fracturing capacity between April and June sent Schlumberger Ltd.’s North American revenues up 18%, with U.S. land revenue jumping 42% from the first quarter, a rate that was nearly double the increase in the onshore rig count.

Schlumberger Ltd. has begun to rapidly pull idled hydraulic fracturing equipment off the stacks and is rehiring people in North America to build on a long-awaited recovery for the oil and gas business.

Schlumberger Ltd. and Weatherford International plc are signaling a knife fight for North American pressure pumping market share after forming a partnership aimed at No. 1 operator Halliburton Co.

Healthier commodity prices are sending oil and natural gas producers back to work, which sets the stage for Schlumberger Ltd. (SLB) to begin a push for higher prices for its services, CEO Paal Kibsgaard said Friday.

Schlumberger Ltd. posted a 31% sequential increase in its U.S. onshore drilling and measurements revenue during the third quarter, driven by a rising rig count and technology sales for super laterals, but the outlook for 2017 still remains hazy, CEO Paal Kibsgaard said Friday.