Schlumberger 4Q tumbles; sees rough year ahead (AP)

In this July 3, 2008 file photo, a worker controls a valve on a pipeline at the Zubair Moshrif oil field, 372 miles southeast of Baghdad, Iraq. Iraq's government will have dramatically less money to spend this year than expected because of plunging oil prices — a dire economic situation that's already forced the country to slash rebuilding plans by nearly one-half. The cuts imperil hopes of keeping violence low and stabilizing Iraq politically, just as the United States begins to pull out (AP Photo/Nabil al-Jurani, File)AP – Schlumberger Ltd., the world’s largest oilfield services company, said Friday its fourth-quarter earnings fell nearly 17 percent as a significant fall off in drilling and other activity by oil and gas companies hurt results, which missed Wall Street forecasts.

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