Schlumberger CEO: Prices For Pressure-Pumping Services Weakening
20 Abril 2012 - 11:50AM
Dow Jones News
Prices for Schlumberger Ltd.'s (SLB) pressure-pumping services
in North America are continuing to weaken as drilling rigs move
from natural-gas fields to oil areas, Chief Executive Paal
Kibsgaard said Friday.
Oil-rich onshore basins require more work than do natural-gas
fields, but at lower pressures and with less horsepower. That
dynamic is "going to contribute to oversupply of horsepower,"
Kibsgaard said during a conference call to discuss the company's
earnings. This, he said, will add "considerable uncertainty" to the
outlook for pressure-pumping prices.
"The fact that it's coming down" in the second quarter "is a
given," Kibsgaard said, about pressure-pumping prices.
The effect of the drop of margins is being offset by higher
margins in the U.S. Gulf of Mexico, which have returned to
pre-drilling-moratorium levels, Kibsgaard said.
In Argentina, where the government has moved to seize YPF S.A.
(YPF, YPFD.BA), Schlumberger hasn't seen any effect on its
operations, although there is "short-term uncertainty," Kibsgaard
said. "We are still positive in the medium [and] long term in
Argentina," he said. "There's going to be a strong need for our
expertise."
Schlumberger's first-quarter earnings rose 38% as the shift of
rigs and services to liquids-rich basins continued to drive revenue
growth.
-By Angel Gonzalez, Dow Jones Newswires;
713-547-9214;angel.gonzalez@dowjones.com
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