Oilfield Services Face Crisis As Shale Slowdown Worsens

The first and third-largest oilfield service companies in the world saw their earnings hit in the third quarter due to the slowdown in U.S. shale drilling. Schlumberger took a $12.7 billion impairment charge related to its North American business, a rather dramatic write-down. That led to an $11.4 billion loss for the quarter, the largest in the company’s history. “That’s a sizable writedown from pressure pumping business. That just tells you the state of the North American onshore market being pretty poor,” said Anish Kapadia,…