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Soft pricing and lower onshore activity pressured Schlumberger Ltd.’s North American results in the first quarter, and there’s likely to be a continued downturn in the land business this year, CEO Paal Kibsgaard warned Thursday.

The U.S. rig count fell 10 units to 1,012 during the holiday-shortened week ended April 18, including declines in Louisiana, Oklahoma, Texas and Wyoming, according to data from Baker Hughes, a GE Company.

The U.S. natural gas rig count fell two units to 187 for the holiday-shortened week ended April 18, while a pullback in oil activity dropped the overall domestic count below year-ago levels, according to data from Baker Hughes, a GE Company.

A solidly bearish weather outlook sent natural gas forward prices tumbling from April 11-16 as the mild spring setup was expected to significantly improve storage inventories in the weeks ahead, potentially leading to a year/year surplus in stocks. May forward prices dropped an average 11 cents, while June and the balance of summer (May-October) slid a dime on average, according to NGI’s Forward Look.

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