Schlumberger says Q1 revenue to fall 15 pct from Q4

Mon Mar 21, 2016 9:50am EDT
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March 21 (Reuters) - Schlumberger Ltd's revenue is expected to fall 15 percent in the first quarter from the fourth quarter, Chief Executive Paal Kibsgaard said, as oil and natural gas producers cut spending for the second straight year.

The world's largest oilfield services provider forecast revenue of $6.5 billion for the current quarter, lower than the average analysts' estimate of $6.94 billion, according to Thomson Reuters I/B/E/S.

"The third phase of E&P spending reductions that we are currently experiencing will have a significant impact on our earnings per share in the current and coming quarters given the magnitude and erratic nature of the activity disruptions," Kibsgaard said at an energy conference. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)