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
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10-day average volume:

Schlumberger's stock tumbles toward biggest post-earnings selloff in 13 years

1:48 pm ET October 16, 2020 (MarketWatch)

Tomi Kilgore

Oil services company shares fall after adjusted profit beats expectations but revenue falls shy as drilling business misses

Shares of Schlumberger Ltd. tumbled Friday, enough for the oil services company's third-quarter results to be the most disappointing for investors in 13 years.

Before the open, the company (SLB) reported a net loss that 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 nonrecurring items, adjusted earnings per share fell to 16 cents from 43 cents, but that was above Wall Street consensus expectations of 13 cents, according to FactSet.

Revenue dropped 38% to $5.26 billion, below the FactSet consensus of $5.40 billion, as drilling and reservoir characterization revenue missed while production revenue beat.

The stock sank 8.4% in afternoon trading, enough to pace the S&P 500's energy sector components in declines.

That would be the biggest one-day, post-earnings drop in stock since it tumbled 11.0% on Oct. 19, 2007, after the company reported Q3 2007 results.

Chief Executive Oliver Le Peuch indicated in the post-earnings conference call with analysts that the outlook for fourth-quarter is about flat.

"This seems strange, considering incremental costs savings in 4Q, and may be conservatism," analyst Marc Bianchi at Cowen wrote in a note to clients.

Bianchi said he believes that one of the reasons for the stock's selloff after earnings is that discussions he had with investors before the results were released revealed a "more bullish positioning" than he expected.

The "incremental information on the outlook" didn't help, he said.

Meanwhile, the stock had dropped 13.1% in three months through Thursday, while the SPDR Energy Select Sector exchange-traded fund (XLE) had tumbled 17.4% and the S&P 500 index had gained 8.0%.

On the days after the past 53 quarterly reports, including Q3 2007 results and Friday, Schlumberger's stock has dropped 27 times, for an average decline of 2.6%, according to a MarketWatch analysis of FactSet data and Securities and Exchange Commission filings.

The average gain for the 26 times over that time that the stock rose after results was 4.0%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

October 16, 2020 13:48 ET (17:48 GMT)

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