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Revenues for the three largest quoted services firms took another pounding in the first quarter of 2016. Schlumberger, Halliburton and Baker Hughes’ revenues were just $6.52bn, $4.20bn and $2.67bn respectively; a mere 52%, 48% and 40% respectively of peak Q4 2014 figures.
But, although their Middle East segments have also seen revenues drop, falls have been by substantially less than elsewhere. Schlumberger now relies on its Middle East and Asia segment for a record 31% of company revenue; Halliburton and Baker Hughes’ regional share rose above 25% in Q1 (see table and chart).
Upstream firms have all slashed their budgets in anticipation of ‘lower for longer’ oil prices; though prices have rebounded somewhat with Brent trading around $45/B for much of April, as yet there is no sign of an uptick in spending.
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