Vice Chairman of Schlumberger Limited Retires
Schlumberger Limited announced today that vice chairman Victor Grijalva will retire at the end of the year. decades. made an enormous contribution to the success of the company during a period which has seen many changes and huge swings in upstream activity. engineer in Houston in 1964. North American operations in 1985. Having steered Schlumberger through the mid-1980 industry downturn, he was named executive vice president of Schlumberger Wireline and Testing and Anadrill in 1989 and executive vice president of Oilfield Services in 1993. Just under ten years later in 1998, Grijalva became vice chairman of Schlumberger Limited. of the American Institute of Electrical Engineers and the Society of Petroleum Engineers.
Schlumberger Announces 4Q and 1998 Results
Schlumberger Limited reported operating revenue for 1998 of $11.82 billion, an increase of two percent over 1997. Before the third quarter charge, net income was $1.39 billion, one percent higher than 1997. Fourth quarter net income of $278 million was 30 percent lower than the fourth quarter of 1997. Operating revenue of $2.78 billion was 12 percent below the same period in 1997. Chairman and CEO Euan Baird said, "The weakening in E&P spending provoked by the flattening of demand in 1998 will continue well into this year. We expect falling non-OPEC supply due to the decreased expenditure, coupled with a recovery in the Asian oil demand, will produce higher oil prices and oilfield services activity in early 2000."
