Schlumberger says 2008 profit will fall short

12/4/2008 | Houston Chronicle (tiered subscription model)

Schlumberger announced Wednesday its 2008 profit will likely fall below earlier projections, confirming analysts' warnings that oil-services firms may be the first to feel the effect of lower oil prices and the recession. "We have been consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing," said Schlumberger CEO Andrew Gould. "However, we still maintain that in the longer term, the fundamentals of our industry are sound."

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