As the downturn dragged on, executives at the world's largest oilfield services provider have had to push back their expectations for an improvement in drilling and fracking work, with crude prices remaining more than 50 percent lower than their peak in 2014. Schlumberger rose in after-markets trading as Kibsgaard said the downturn appears to have bottomed. "In the second quarter market conditions worsened further in most parts of our global operations," Kibsgaard said in the statement. "But in spite of the continuing headwinds we now appear to have reached the bottom of the cycle." Stock Reaction The stock, which closed 0.7 percent lower at $80.02, gained as much as 0.7 percent in after-hours trading. Schlumberger has made several rounds of job cuts to adjust to lower spending by its customers. Schlumberger's President Patrick Schorn said last month that the second quarter "may represent the final approach to a market bottom."