Schlumberger Ltd, the world’s largest oilfield services provider, said revenue in the current quarter is expected to fall 15 percent from the fourth, as spending cuts by oil producers take a toll. The company forecast revenue of $6.5 billion for the first quarter ending March, lower than the average analyst estimate of $6.94 billion, according to Thomson Reuters I/B/E/S. “The third phase of E&P spending reductions that we are currently experiencing will have a significant impact on our earnings per share in the current and coming quarters,” Chief Executive Paal Kibsgaard said at an energy conference on Monday. Kibsgaard, whose comments are closely watched, also called for a change in the way the oil and gas industry operates. There is an urgent need for a change in the way the energy industry works given that oil prices are expected to be “medium-for-longer”, Kibsgaard said in […]