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Schlumberger is the world’s largest oilfield services company, supplying technology, information solutions, and integrated project management for customers working in the oil and gas industry. The company’s oilfield services segment accounts for about 90% of the company’s revenue. WesternGeco, which accounts for about 10% of the company’s revenue, provides reservoir imaging, monitoring, and development services to land, marine, and shallow-water well projects.
An Aug. 2, 2010 Bloomberg Businessweek article noted that Schlumberger Limited’s (NYSE:SLB) 2009 fourth-quarter profits fell 31%. Schlumberger’s services help oil exploration and production companies extract oil and natural gas from the ground, and the company’s revenue is strongly affected by the production and consumption of oil and natural gas, which dropped. Revenues for 2009 were $22.7 billion, a decline of 18% as compared to 2008. Schlumberger is headquartered in Houston, but more than half of the company’s sales in 2009 came from Europe, Africa, the Middle East, and Asia. The moratorium on certain drilling operations in the US Gulf of Mexico had little effect on the company as Gulf of Mexico operations represent a relatively small portion of Schlumberger’s revenue.
Competitors of Schlumberger include Baker Hughes, Halliburton Company, and BJ Services Company, all of whom provide oilfield services to oil and natural gas exploration and production companies. Schlumberger is by far the largest supplier of products and services to oil and natural gas customers worldwide. Though business was down sharply last year, Schlumberger posted more than $22 billion in annual revenue. Its next biggest competitor, Houston- and Dubai-based Halliburton, posted less than $15 billion.
Schlumberger Ltd and Houston-based drill bits maker Smith International, Inc. jointly announced on July 27, 2010 that the U.S. Department of Justice has cleared their proposed merger with no conditions. The European Commission had already cleared the proposed merger. Both Schlumberger and Smith are significant employers in the Houston area, with Schlumberger employing approximately 5,000 and Smith International employing more than 3,700 people in Houston.
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