Updates second paragraph to specify the company's activity in Saudi declined
June 24 (Reuters) - Oilfield services company SLB SLB.N expects second-quarter revenue and core profit to be about the same as the previous quarter due to weaker drilling activity in Saudi Arabia and Latin America, CEO Olivier Le Peuch said on Tuesday.
The CEO, speaking at the J.P. Morgan Energy, Power & Renewables Conference in New York, said the company's activity in Saudi had declined more than expected, with several rigs demobilized and operations paused at the Jafurah unconventional gas field.
Short-cycle work in Latin America was also down, contributing to a less favorable geographic activity mix, impacting margins, the company said.
Oil prices fell about 5% to a two-week low on Tuesday on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
"Barring any impact to activity in the Persian Gulf from the conflict, we still expect second-quarter revenue to be flattish sequentially," Le Peuch said.
SLB's plan to return at least $4 billion to shareholders in 2025 remains unchanged.
(Reporting by Katha Kalia in Bengaluru; Editing by Sahal Muhammed and Cynthia Osterman)
((Katha.Kalia@thomsonreuters.com;))
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