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Schlumberger names Olivier Le Peuch as CEO as North American business faces softer demand

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Schlumberger names Olivier Le Peuch as CEO as North American business faces softer demand GlobeBusiness

Richard Carson/Reuters

The oil field services provider also posted higher-than-expected second-quarter revenue and a year-over-year profit increase, as demand in international markets countered weakness in North America. Le Peuch, 55, said Wall Street estimates of a 42 cent-per-share third-quarter profit were achievable, but added there was “no visible upside.” The company earned 46 cents a share a year earlier.

Mark Papa, an investor who built EOG Resources into one of the most profitable U.S. shale companies, will become non-executive chairman, replacing Kibsgaard, 52, the company said. Kibsgaard signalled that finance chief Simon Ayat will retire, without setting a date.

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