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$BAS' CEO Roe Patterson said Feb. activity was soft due to low levels of customer spending, which reduced well servicing utilization. Pumping services utilization was impacted by several projects being delayed by customers. 1Q16 revenue is expected to be 16-17% lower sequentially due to near-term uncertainty and projects being delayed by customers.
$GE swung to a loss of $9.8Bil in 4Q17 from a profit in the year-over period, after incurring tax-related charges of $6.2Bil in its insurance arm, GE Capital. GAAP loss per share during the quarter stood at $1.13, while adjusted EPS fell 41% to 27 cents. Hurt by lower sales in power segment, revenue fell 5% to $31.4Bil.
$SLB plans to tackle this year's activity growth without raising CapEx, as it has started to benefit from increased asset utilization. With the counter-cyclical business development program being completed, Schlumberger will now shift focus to project execution. It has also been decided to maintain dividends at the current level for another year.
$SLB has initiated reactivation of equipment to tap the growth potential outside the US. The process will result in an increase in short-term costs, which the company expects to absorb in 1Q18. Schlumberger expects the decline in EPS in 1Q18 to be 2-3% more than the normal seasonal dip, due to the large size of its business in Russia and North Sea.
$SLB said a reduction in tax rate, pursuant to the tax reform, will offset the effect of an estimated 2-3% rise in its effective tax rate this year, due to higher profitability in N. America. The company attributed the $3Bil pre-tax charge incurred in 4Q17 to its exit from the seismic acquisition business and write-down of investments in Venezuela.
$SLB’s 4Q17 revenue growth was driven mainly by a 40% upturn in the Production Group. The Cameron Group registered a 5% growth to $1.41Bil, and Drilling Group revenues advanced 8% to $2.2Bil. Meanwhile, Reservoir and Characterization Group saw revenues falling 2% to $1.64Bil. Region-wise, North America continued to top the list with a 59% growth.
Oilfield technology firm $SLB incurred a huge charge in 4Q17 related to restructuring of its operations in crisis-stricken Venezuela, resulting in a sharply wider loss. Excluding the charge, Schlumberger posted a 78% growth in earnings to $0.48 per share, which exceeded expectations. The upturn was supported by a 15% rise in revenues to $8.2Bil.
Excluding the impact of other items, $NOV expects consolidated results for 4Q17 to be at or above prior expectations. The company anticipates Rig Technologies will exceed prior guidance, Wellbore Technologies will be in-line with expectations, and Completion and Production Solutions will fall short of guidance.
$GE Transportation signed two contracts, valued at over $900MM, with Kazakhstan's state-run railroad Kazakhstan Temir Zholy, as part of its long-term commitment to develop the country's railway infrastructure. The contracts include the delivery of 300 shunter locomotives and an 18-year service agreement.
$NE announced the retirement of Chairman, President and CEO David W. Williams, and the election of Julie J. Robertson to succeed Mr. Williams in such roles. Mr. Williams plans to remain with the company through February 2018, serving in an advisory capacity.
Oilfiled technology company $MDR has appointed Ian Prescott as VP of Asia region, effective January 8. He succeeds Hugh Cuthbertson who will be retiring soon. Most recently, Ian served SNC-Lavalin as SVP and Director of Asia Pacific. Earlier, he held leadership positions in PAE plc and Aker Kvaerner.
Railroad company $CNI has decided to purchase 200 new locomotives from $GE over the next three years. Production of the locomotives will commence next year at the GE facility in Texas, and the units are expected to be delivered in 2018, 2019 and 2020. The order includes Tier-4 and Tier -3 Evolution Series locomotives.
$MDR, a technology company in the energy industry, received a major contract from Maersk Oil to provide engineering, procurement, construction and commissioning services for the Tyra Redevelopment project in North Sea. Work under the contract is expected to start early next year, and the lump sum will be reflected in McDermott’s 4Q17 backlog.
$NE said certain of its subsidiaries have received commitments from lenders to enter into a new credit facility. $NE expects to close on the new credit facility by the end of 2017. The new credit facility is expected to provide borrowing capacity of $1.5Bil with an expected maturity of January 2023.
$NOG Chairman Rich Weber announced his resignation to allow him to focus his time on his responsibilities as Chairman and CEO of PennEnergy Resources. The Board appointed current director Bahram Akradi as Lead Independent Director and a member of Executive Committee. Akradi and the Executive Committee will provide leadership on an ongoing basis.
$NOG's Board approved a preliminary 2018 capital budget of up to $176MM, which contemplates 20-22 net wells added to production during 2018. Based on this preliminary budget, 2018 annual production is expected to increase by 10-14% when compared to 2017. The Board also sees a 10-15% reduction in general and administrative expenses from 2017.