Schlumberger CEO: 'Reached the Bottom of This Cycle'

SUGAR LAND--October 24, 2016--Researched by Industrial Info Resources (Sugar Land, Texas)--Oil & gas services company Schlumberger Limited (NYSE:SLB) (Houston, Texas) expressed a note of optimism as it delivered its third-quarter results on Friday. "After seven quarters of unprecedented activity declines, the business environment stabilized as expected in the third quarter, confirming that we have indeed reached the bottom of this cycle," said Chief Executive Officer Paal Kibsgaard in a conference call, referring to the unprecedented downturn in oil & gas exploration and production activity following the downturn in oil prices in 2014.