SLB misses on Q3 revenue, warns on industry's slowing spending

SLB (SLB) shares fall after the oil (CL=F, BZ=F) producer misses third quarter revenue and sales estimates Market Domination's Julie Hyman and Josh Lipton report on SLB's warning on slowing spending growth from international oil explorers.

To watch more expert insights and analysis on the latest market action, check out more Market Domination here.

This post was written by Luke Carberry Mogan.

Video Transcript

Slb shares falling despite being earnings estimates for the third quarter.

So world's biggest oilfield services provider, you know, some look at this as sort of a bellwether for the oil and gas industry.

Q three earnings X Certain items that match expectations sales less than estimated.

But the headline getting attention with this warning Julie that oil explorers have kind of slowed spending growth recently among the the lower crude prices we've been talking about.

Yeah, and in North America in particular, there's been sort of a slow down in projects.

There's been consolidation within the domestic oil industry.

That's been one of the things that has taken down those number of projects.

So that has affected SLB in turn here.

Um so the company says that over the long term that they'll see this what the CEO calls a sustained level of upstream investment in the years to come.

It sounds like sort of the short to medium term, though, might not be quite as strong as investors had been expecting in terms of the big oil field contractors Baker Hughes, Halliburton scheduled to report next in the coming weeks.

Yes, we'll see if they follow suit.

Yes,