October 18, 2018 / 12:08 PM / 2 years ago

BUZZ-Oil services earnings to range from "uninspiring" to "outright brutal" - JPM

** JP Morgan expects largely neutral Q3 earnings outcome for oil services & equipment makers

** “Overall, we expect 3Q results ranging from uninspiring to outright brutal, though investors appear largely braced for that” - JPM

** It expects Schlumberger NV to report an “noneventful” quarter with positive talk about international cycles and caution on North America

** Brokerage sees Baker Hughes’ Q3 numbers to be “fairly de-risked” as co’s lack of Permian frac exposure has been a source of stability

** Halliburton on the other hand will see Q3 EPS on the low end of a forecast range of $0.48-$0.50 with thinner Permian completion activity and slow start to its Saudi drilling contract - JPM

** JPM downgrades Canadian oilfield services providers Calfrac Well Services Ltd and Trican Well Service Ltd to “underweight” from “neutral”

** Says the two companies are vulnerable to tough frac pricing environment

** Expects widened Canadian crude and gas differentials to WTI to continue throughout 2019, especially after federal court’s block of Trans Mountain pipeline (Reporting by Shanti S Nair in Bengaluru)

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