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Image courtesy of Schlumberger.

Schlumberger CEO Paal Kibsgaard said on Thursday that the oil market is now “more or less balanced” after his firm reported an 82 percent year-over-year net income decline.

The Houston-based company earned $176 million in net income during the third quarter, an 82 percent year-over-year decline.

Third quarter revenue fell 2 percent sequentially to $7.01 billion, down 17 percent from the prior year quarter.

Pre-tax operating income came in at $815 million, a 9 percent sequential increase but still down 46 percent year-over-year.

Third quarter net income, excluding charges and credits, was $353 million, up 12 percent sequentially but down 64 percent from the prior-year quarter.

Diluted earnings per share per share fell 83 percent year-over-year to $0.13 per share.

“After calling the bottom of the cycle in the second quarter of this year, our business stabilized in the third quarter following a drop of more than 50% in pro forma revenue during the previous seven quarters,” Schlumberger Chairman and CEO Paal Kibsgaard said on Thursday.

North America revenue slid 2 percent from the prior quarter to $1.69 billion in the third quarter while Latin America revenue ticked down 1 percent sequentially to $992 million.

Europe/CIS/Africa revenue declined 4 percent sequentially in the third quarter to $1.87 billion and Middle East & Asia revenue fell 1 percent sequentially to $2.38 billion.

Total international revenue slipped down to $5.24 billion in the third quarter, a 2 percent decline compared to the second quarter of this year.

Excluding Cameron Group results, land revenue grew 14 percent sequentially thanks to higher drilling and fracturing activity as the average U.S land rig count grew sequentially and fracturing stage count increased by 17 percent.

Reservoir Characterization Group pre-tax operating income came in at $322 million in the third quarter, a 48 percent year-over-year decline but up 24 percent from the prior quarter.

Reservoir Characterization Group revenue grew 5 percent sequentially to $1.68 billion in the third quarter but was still down 29 percent compared to the third quarter of last year.

Drilling Group pre-tax operating income climbed to $218 million, a 28 percent sequential gain but a 63 percent year-over-year decline.

Drilling Group revenue declined 1 percent sequentially and 37 percent year-over-year to $2.02 billion in the third quarter.

Production Group pre-tax operating income jumped 9 percent sequentially to $98 million in the third quarter, a 70 percent decline compared to the same period last year.

Production Group revenue declined 1 percent sequentially and 29 percent year-over-year to $2.08 billion in the third quarter.

Cameron Group pre-tax operating income fell 14 percent from the second quarter to $215 million in the third quarter.

Cameron Group revenues dropped 12 percent sequentially to $1.34 billion in the third quarter.

Third quarter cash flow from operations was $1.4 billion and free cash flow was $699 million for the quarter.

“In the global oil market, the supply and demand of crude is now more or less balanced as evidenced by flattening petroleum inventory levels and the start of consistent draws toward the end of the quarter—particularly in North America,” Kibsgaard said.