Monday, September 16, 2019

Schlumberger to Avoid New Field Management Work

March 25, 2019

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Oilfield services firm Schlumberger will stop taking new field management contracts that have been criticized as requiring heavy upfront investments while it seeks to monetize existing deals, the company's chief executive said on Monday.

Paal Kibsgaard, speaking at the Scotia Howard Weil energy conference, said the business, known as Schlumberger Production Management, was cash flow neutral last year and is expected to contribute to free cash generating beginning this year.

(Reporting by Gary McWilliams Editing by Chizu Nomiyama)

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