Mideast Revenues Prop Up Oilfield Services Giants

Oilfield services firms Schlumberger, Halliburton, Baker Hughes and Weatherford continue to see their bottom line whacked by lower oil prices and the resultant cuts to international oil companies’ capital spending.

Each has seen its revenue drop every quarter since the turn of the year. But the Middle East, where investment by state oil firms has largely held up, has been one bright spot. The four firms overall saw the share of their revenue coming from the Middle East and Asia rise from around 20% in Q4 2014 to around 25% for Q3 2015.

Combined, the four firms saw their revenues fall to $20.1bn for Q3, down $11.4bn or 36% on a year earlier; regional revenues were down 19% at a combined $5bn. Profits have collapsed by almost 80% over the last year: both Halliburton and Baker Hughes posted outright losses for both of the last two quarters.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE