CEO Jim Teague emphasized export markets during a talk to upstream executives.
Quarterly revenue fell to $2.26 billion in the first quarter ended March 31 from $2.67 billion. Analysts’ on average had expected revenue of $2.27 billion, according to Thomson Reuters I/B/E/S.
Analysis from Haynes and Boone, Poten & Partners indicates positive signs for North American industry.
An OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said.
SNC-Lavalin Group is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins.
For crude prices to average $50 to $52 in 2017, OPEC must extend quotas and maintain compliance, and demand must increase, according to a report.
The world’s No.1 oilfield services provider said revenue rose 5.7% to $6.89 billion in the quarter ended March 31, but its cost of revenue increased 11.3% to $6.08 billion.
Oil held near $53 a barrel on April 21 but was on course for its biggest weekly drop in a month due to doubts that an OPEC-led production cut will restore balance to an oversupplied market.
Oil prices could fall again by the end of the year due to a rapid increase in U.S. shale production, said Patrick Pouyanne, CEO of French oil and gas giant Total.
Consensus is growing among oil producers that their supply restraint agreement should be extended after its initial six-month term, but there is as yet no agreement, Saudi Energy Minister Khalid al-Falih said.