Schlumberger cautioned that its fourth-quarter North American revenue will likely fall 15% from the previous quarter as sliding oil prices, pipeline constraints and depleted budgets are causing a larger-than-expected drop in hydraulic fracturing activity. The number of Permian Basin fracking crews has plunged 13% from its June peak, Primary Vision data show, but Schlumberger expects the market to gradually recover in the first six months of next year.
Schlumberger warns of revenue hit amid declining fracking activity
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