Shares of Schlumberger (SLB) fell some 5% in Friday's trading session. The supplier of the oil and gas industry issued a disappointing fourth quarter update, prompting a sell-off in the company's shares.
Fourth Quarter Update
Schlumberger issued a poor quarterly operational update on Friday which came as a surprise to investors. The company has seen weakness across the board. Activity in Europe and Africa experienced a continued delay in contractual agreements. Furthermore, the seasonal slowdown in activity levels was steeper than normal.
North American activity levels were weaker than expected as well, based on lower onshore activity in the US and Canada.
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