What caused SLB's Q3 2024 earnings to miss forecasts?

Schlumberger's Q3 2024 earnings did not miss forecasts entirely, as the company actually exceeded expectations with a net income of $1.22 billion and total revenue of $9.16 billion, compared to the consensus estimates. However, there are several factors that contributed to the mixed results and lower earnings surprise:

1. **Oil and Gas Market Conditions**: The oil and gas market conditions, including pricing and demand, can significantly impact Schlumberger's earnings. Any fluctuations in these conditions can affect the company's profitability.
2. **Cost Management**: Schlumberger's cost management practices can influence its earnings. If the company experiences higher costs, such as those related to operations or maintenance, it can impact its net income and margins.
3. **Geopolitical Factors**: Geopolitical factors, such as tensions in oil-producing regions or changes in government policies, can affect Schlumberger's ability to operate efficiently and safely, leading to additional costs or production disruptions.
4. **Competitive Landscape**: The oil and gas services industry is competitive, and Schlumberger faces competition from other service providers. Intense competition can lead to pricing pressures and impact the company's margins.

In summary, while Schlumberger's Q3 2024 earnings did not miss forecasts entirely, the company's performance was influenced by a combination of oil and gas market conditions, cost management, geopolitical factors, and competitive landscape.