Schlumberger saw its net income decline significantly by nearly 20% in the first quarter of 2019 from the same period last year, according to its financial statement released Thursday.
The world's largest oilfield services company saw its net income decline to $421 million in the first three months of this year, from $525 million during the same period of 2018.
In a statement, Chairman and CEO Paal Kibsgaard said the decline was a result of 'the expected reduction in North America land activity and seasonally lower international activity in the Northern Hemisphere.'
Schlumberger, however, saw its revenue rise by 0.6 percent to $7.88 billion in the January-March period of this year, from $7.83 billion for the same period of the 2018.
With the decline in net income, Schlumberger's stock price fell 3.9% in the New York Stock Exchange to end Thursday at $45.56 per share, from the previous close of $47.41 a share.
Nonetheless, Kibsgaard remained positive and said oil prices would continue to recover throughout this year to support good business dynamics.
“From a macro perspective, we expect the oil market sentiments to steadily improve over the course of 2019, supported by a solid demand outlook combined with the OPEC and Russia production cuts taking full effect, slowing shale oil production growth in North America,' he said in the statement.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr