Apr
22

Schlumberger’s shares, which rose less than 1 percent in

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Designer Replica Bags Baker Hughes posted a 7 percent rise in revenue to $2.78 billion from the region.Baker Hughes’ shares rose as much as 5 percent to $69.43 on the New York Stock Exchange their highest since August 2011.Schlumberger’s shares, which rose less than 1 percent in morning trade to their highest in nearly six years, were marginally down at $100.34 in morning trading.The cold weather, however, pushed up natural gas prices in North America and depleted stockpiles to their lowest level since 2003 Replica Bags, after years of glut that forced many drillers to idle rigs.Kibsgaard said the fundamentals of the global economic recovery were intact despite the harsh winter, slowing growth in China, and problems in Ukraine.”These factors Fake Designer Bags, however, are likely temporary in nature. But supply and demand is expected to normalize over the coming months Replica Designer Handbags,” he said in a statement.Oilfield services companies are expected to feel the heat as large oil companies, after a decade of double digit growth cnreplicabags.com, cut spending amid stagnating oil prices and higher project costs.The company has already seen a reduction in spending from integrated oil companies, Kibsgaard said, adding that he expects them to cut spending more on infrastructure and less on well related projects.Schlumberger Replica Handbags, which cut its 2014 capital spending budget by about 3 percent to $3.8 billion, said it expected spending on well related activity to rise by more than 6 percent this year.WEAK LATAMSchlumberger’s first quarter revenue fell short of the average analyst estimate due to reduced drilling activity and pricing pressure in Latin America.Revenue from the region declined 8 percent to $1.76 billion, the lowest in eight quarters. Latin America accounted for nearly 16 percent of Schlumberger’s total sales in the first quarter ended March 31.Schlumberger’s profit from continuing operations rose 32.5 percent to $1.59 billion, or $1.21 per share, in the first quarter Designer Replica Bags.

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