Baird forecasts upturn in early 2000! (January 1999)

Schlumberger 1998 Results show slight rise, and CEO Euan Baird makes a bold forecast for an industry upturn early in 2000.

Schlumberger Limited reported operating revenue for 1998 of $11.82 billion, an increase of 2% over 1997. Before the third quarter charge, net income and diluted earnings per share were $1.39 billion and $2.49, 1% higher than last year. Oilfield Services revenue declined 10% as the rig count fell 30%. Chairman and Chief Executive Officer Euan Baird commented: "The weakening in E&P spending provoked by the flattening of demand in 1998 will continue well into this year."

Recovery in sight!

Baird continued "We expect that falling non-OPEC supply due to the decreased expenditure, coupled with a recovery in the Asian oil demand, will produce higher oil prices and oilfield services activity in early 2000." For the technically inclined, Schlumberger report a ‘world record’ in marine acquisition. The seismic boat Geco Orion set a new standard by towing 6 streamers, each 8 km long in a spread 1 km wide (5 miles by 3,300 feet)! PDM was wondering what the processing mute looks like on an 8 km spread?

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