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Schlumberger profit rises as oilfield activity returns

From kfgo.com

Schlumberger NV reported a rise in second-quarter profit on Friday, as a rebound in crude prices revived demand for the company’s oilfield services and related equipment. Global crude prices rose 18% in the June quarter and have climbed 42% since the start of 2021 on the back of a vaccine-fueled demand recovery and output cuts by producer group OPEC+. Still, this recovery is under threat as a resurgence of infections from virus variants prompts fresh curbs and restrictions in parts of the world. “While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic ... (full story)

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  • Category: Fundamental Analysis