Torchlight Energy Resources Inc
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Energy : Oil, Gas & Consumable Fuels | Small Cap Value
Company profile

Torchlight Energy Resources, Inc. (Torchlight) is an energy company. The Company is engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. The Company is primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. Torchlight has interests in four oil and gas projects: the Orogrande Project in Hudspeth County, Texas; the Hazel Project in Sterling, Tom Green, and Irion Counties, Texas; the Winkler Project in Winkler County, Texas, and the Hunton wells in partnership with Husky in Central Oklahoma. The Company operates its business through its subsidiaries, including Torchlight Energy, Inc., Torchlight Energy Operating, LLC, Hudspeth Oil Corporation, Torchlight Hazel, LLC and Warwink Properties, LLC.

Closing Price
Day's Change
-0.10 (-6.80%)
B/A Size
Day's High
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10-day average volume:

Schlumberger's stock drops after adjusted profit beats but revenue misses expectations

7:05 am ET October 16, 2020 (MarketWatch)

Shares of Schlumberger Ltd. (SLB) dropped 1.6% in premarket trading Friday, after the oil services company reported a third-quarter adjusted profit that topped expectations but revenue that fell more than forecast, hurt by a miss by its drilling business. The net loss narrowed to $82 million, or 6 cents a share, from a loss of $11.38 billion, or $8.22 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 16 cents from 43 cents but was above the FactSet consensus of 12 cents. Revenue fell 38% to $5.26 billion, below the FactSet consensus of $5.40 billion. Among the business segments, production revenue fell 43% to $1.80 billion to top the FactSet consensus of $1.71 billion, drilling revenue dropped 38% to $1.52 billion to miss expectations of $1.67 billion and reservoir characterization revenue declined 39% to $1.01 billion to fall shy of expectations of $1.07 billion. For the fourth quarter, the company said conditions in North America are set for continued momentum with improving drilled but uncompleted (DUC) well completion activity in U.S. land and "modest" drilling resumption in the U.S. and Canada. The stock has tumbled 59.2% year to date through Thursday, while the VanEck Vectors Oil Services ETF (OIH) has plunged 61.4% and the S&P 500 has gained 7.8%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

October 16, 2020 07:05 ET (11:05 GMT)

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