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Schlumberger warns of revenue hit amid declining fracking activity

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.

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