Frac Sand Co. Says Schlumberger Unit Owes More Than $1M

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Schlumberger Technology Corp. owes more than $1 million to a frac sand company for allegedly breaching an agreement to buy a certain amount of the sand each quarter.

Schlumberger, the world’s largest oilfield services provider, warned on Tuesday that its fourth-quarter North America revenues will likely decline 15 percent sequentially on steeper-than-expected price declines in hydraulic fracturing.