SLB (SLB) shares slumped Friday as a lower trend in oil and gas prices hurt quarterly r🦂esults 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 澳洲幸运5官方开奖结果体彩网:estimates by analysts surveyed by Visible Alpha. 澳洲幸运5官方开奖结果体彩网: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," 澳洲幸运5官方开奖结果体彩网: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 Ameri🅰can revenue declined by 3%.

CEO Notes 'Cautionary Approach' by Customers

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 澳洲幸运5官方开奖结果体彩网: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 wereไ boܫrne out in the earnings report.

Shares of SLB skidded about 4% to $42.25 Friday afternoo🦹n. They are do♍wn 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.