dunno whether this was posted in any other threads, but its some...

dunno whether this was posted in any other threads, but its some food for thought...

langes old o&g services company hosing down expectations for 2009

NEW YORK -- Schlumberger said Wednesday the company's fiscal year profit for 2008 will be below analysts' consensus estimates due to the worldwide economic slowdown and its effect on oil and gas exploration and production. "We have been consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing," said Chairman and Chief Executive Officer Andrew Gould. "However, we still maintain that in the longer term, the fundamentals of our industry are sound." Schlumberger did not quantify its earnings targets. Analysts expect the oil service giant to earn $1.30 a share in 2008, according to a survey by FactSet Research. Shares fell 9% to $39.77.