Dutch oil services company Schlumberger posted a wider fourth-quarter loss after it wrote down the value of assets in Venezuela.
The company posted a loss of $2.26bn for the three months through December, though underlying operating income rose 43% on-year to $1.16bn.
Revenue rose 8% to $8.18bn as the company benefited from a recovery in oil prices.
"Looking at the oil market, the strong growth in demand is projected to continue in 2018, on the back of a robust global economy," chief executive Paal Kibsgaard said.
"On the supply side, the extension of the OPEC- and Russia-led production cuts is already translating into higher-than-expected inventory draws."
"In North America, 2018 shale oil production is set for another year of strong growth, as the positive oil market sentiments will likely increase both investment appetite and availability of financing."
"At the same time, the production base in the rest of the world is showing fatigue after three years of unprecedented underinvestment."
"The underlying signs of weakness will likely become more evident in the coming year, as the production additions from investments made in the previous upcycle start to noticeably fall off."
"All together this means the oil market is now in balance and the previous oversupply discount is gradually being replaced by a market tightness premium, which makes us increasingly positive on the global outlook for our business.
At 1:50pm: (LON:SCL) Schlumberger share price was -2.2p at 74.8p