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Schlumberger’s Q1 Earnings Are Expected to Fall 21%


Nov. 20 2020, Updated 5:30 p.m. ET

Schlumberger’s first-quarter results

Schlumberger (SLB) is scheduled to report its first-quarter earnings on April 18. Analysts’ consensus EPS estimate is $0.3 per share. The estimate implies a fall of 21% year-over-year from Schlumberger’s EPS in the first quarter of 2018. Schlumberger beat its EPS estimates in five of the last ten quarters, while it met the estimates in the remaining five quarters.

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Schlumberger’s estimated revenues of $7.8 billion in the first quarter are 0.3% lower than its revenues in the first quarter of 2018. The above graph shows Schlumberger’s EPS and EPS estimates over ten quarters. As the graph shows, Schlumberger reported a year-over-year fall in its EPS in the fourth quarter of 2018 as well.

Expected earnings drivers

Softness in drilling and completions activity in North America impacted Schlumberger’s results in the fourth quarter. The softness is expected to impact the company’s performance in the first quarter as well. Oil and gas producers’ reduced capital budgets impacted the drilling activity in North America. Takeaway capacity constraints, especially in the Permian Basin, have also impacted the drilling and completions activity.

Halliburton (HAL) is scheduled to report its first-quarter results on April 22. Baker Hughes (BHGE) is scheduled to report its results on April 30. National Oilwell Varco (NOV) and TechnipFMC (FTI) are both scheduled to report their results on April 25.

For a deeper analysis of how recent changes in rig counts and the uncompleted wells inventory are impacting oilfield service stocks, visit Market Realist’s Energy Equipment and Oilfield Services Research page.


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