The world’s largest oilfield services company said its earnings were hit in the first quarter because of a slowdown in shale drilling activity. “First-quarter revenue of $7.9 billion declined 4% sequentially, reflecting the expected reduction in North America land activity and seasonally lower international activity in the Northern Hemisphere,” Schlumberger CEO Paal Kibsgaard said in a statement . Pricing for its services was “soft,” while fracking and other “drilling-related businesses” saw a dip in activity. The company was unbowed, noting that the weakness in North America is offset by improving conditions globally. “From a macro perspective, we expect the oil market sentiments to steadily improve over the course of 2019,” as the OPEC+ cuts tighten up the market. Also, Kibsgaard said that the “weakening of the international production base” after “four years of underinvestment” will become “increasingly evident,” which should spark an uptick in spending. The global E&P sector […]