Schlumberger posted a net loss of around $11 billion in the third quarter of 2019, but saw its revenue increase slightly from the same period last year, according to financial results statement released by the company on Friday.
The world's largest oilfield services company recorded a net loss of $11.38 billion in July-September period of this year, while it posted a net income of $644 million during same period of 2018.
The company's revenue rose slightly to $8.54 billion in the third quarter of 2019, from $8.5 billion in July-September period of last year, marking a 0.47% increase.
While international activity kept the firm afloat, there were mixed results in North America.
"North America business saw strong offshore sales with minimal growth on land due to slowing activity and further pricing weakness," Schlumberger CEO Olivier Le Peuch said in the statement.
While North America revenue decreased by 11% to $2.85 billion in the third quarter of 2019, from $3.19 billion a year ago; international revenue soared by 8% to $5.63 billion from $5.21 billion during that period.
"This quarter’s results reflected a macro environment of slowing production growth rate in North America land as operators maintained capital discipline, reducing drilling and fracking activity," Le Peuch said in the statement.
"As we enter the fourth quarter, international activity will be affected by the usual winter slowdown, particularly in the Northern Hemisphere," he added.
Le Peuch, who became CEO of the firm on Aug. 1, stressed that the uncertainty in the global oil market is weighing on the outlook of global oil demand due to trade concerns and challenges in world economic growth.
By Ovunc Kutlu