SLB (SLB) shares slumped Friday as a lower trend in oil and gas prices hurt quarterly results for the big oilfield services provider.

SLB reported third-quarter revenue rose 10% year-over-year to $9.16 billion, about $100 million short of consensus estimates by analysts surveyed by Visible Alpha. Earnings per share (EPS) of 83 cents came in 4 cents below forecasts.

North American revenue rose 3% to $1.69 billion, held back by "lower drilling activity in U.S. land as the market remained constrained by gas prices and ongoing capital discipline by operators," Chief Executive Officer (CEO) Olivier Le Peuch said in remarks after the earnings were posted.

International revenue soared 12% to $7.43 billion, boosted by slightly higher Middle East & Asia demand, but Latin American revenue declined by 3%.

Le Peuch said that "commodity prices have been under pressure" over the past few months. He blamed that on "uncertainty around OPEC+ supply releases, weaker demand from China, and softer economic growth rates in the U.S. and Europe." Le Peuch said those factors "resulted in a cautionary approach to activity and discretionary spend by many customers" that were borne out in the earnings report.

Shares of SLB skidded about 4% to $42.25 Friday afternoon. They are down 19% year-to-date. 

SLB wasn't alone in feeling the effects of falling commodity prices Friday. The S&P Energy Sector Index fell as crude and natural gas futures pulled back slightly.

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All thanks to BBC Sport

President Bola Ahmed Tinubu will leave Abuja today, October 2, for the United Kingdom to kick off a two-week vacation as part of his annual leave.

Presidential spokesperson Bayo Onanuga in a statement said he will use the two weeks as a working vacation, and a retreat to reflect on his administration’s economic reforms.

He will return to the country after the leave expires.

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EFCC Arraigns 20 Foreign Nationals for Alleged Cybercrime in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned 20 foreign nationals before the Federal High Court in Lagos over alleged cybercrime and attempts to destabilize Nigeria’s economic and social structure.

The defendants—15 Filipinos, one Indonesian, and four Chinese nationals—were brought before Justice Musa Kakaki on Thursday. Their arraignment follows a December 2024 operation in which the EFCC arrested 193 foreign nationals and 599 Nigerians at the Big Leaf Building in Victoria Island, Lagos, based on credible intelligence.

During the court session, EFCC counsel Nwandu Ukoha requested that the charges be read to the defendants, who, through an interpreter, all pleaded not guilty. Ukoha then urged the court to remand them in the custody of the Nigeria Correctional Service pending trial.

Defense lawyers Bridget Omoteno and B.A. Ukpai opposed the request, asking for a short adjournment to explore the possibility of a plea bargain with the prosecution. However, Justice Kakaki upheld the EFCC’s request and ordered the defendants’ remand. The trial has been scheduled for March 18 and 20.

Among those arraigned are Kayceelyn Remorin, Jonylyn Agulto, Donny Hermanto, Guo Bin, Darwa Esmael, Lari Jane Tayac, Jhena Samiento, Jessa Sai Chui, Rain Torida, Kimbaley Nisperos, Winnie De Jesus, Shairah May Reyes, Gladys Joy May Iba, Jean Calaga, Huo Wen Jie, Zhao Sui Tao, Gong An Penguna Yua, and Anjeannet Topacio.

The EFCC alleges that the defendants, along with GENTING INTERNATIONAL CO. LIMITED, accessed computer systems in a manner intended to disrupt Nigeria’s economic and social stability. They are also accused of employing Nigerian youths for identity theft and fraudulently impersonating foreign nationals for financial gain. The charges were brought under sections 18, 22(2)(b), and 27 of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, as amended in 2024.