Schlumberger released quarterly results and provided a little commentary on the oil boom in North Dakota and the rest of the U.S.
Paal Kibsgaard, CEO, was asked his view in regard to U.S. production growth. He responded with several comments. Many of which point to it being too early to determine the volume that will come from many shale plays.
- Overall production increases have been very impressive
- It's too early to extrapolate production trends
- It's too early even in the Bakken
- Production data over a longer period of time is needed
- Initial rates outside of the core or fairways of plays need to be studied in more detail
His response can be summed up with "it's too early to know". Activity levels are high and that is really what matters to Schlumberger. The provide oilfield services and volumes of production only have an indirect impact on their business.