The world’s top two oilfield service firms on Friday warned slower producer spending and weakness in offshore exploration may weigh on current-quarter earnings, but said activity could improve in the longer term as the global crude market comes into balance. The outlook drove shares in both companies lower, with Schlumberger NV hitting a 21-month low and Baker Hughes touching a 16-month low before retracing some losses. Schlumberger, the world’s largest oilfield service company, warned that Wall Street estimates for fourth-quarter earnings may be too high, with customer investments in North American production moderating due to investor pressure for improved shareholder returns. But global oil supply and demand is becoming more balanced and recent spending cutbacks on U.S. production could eventually boost crude prices, Schlumberger Chief Executive […]