Schlumberger Limited SLB 0.39% is set to kick of Q2 earnings season for oil & gas equipment and services stocks on Thursday. Here’s a breakdown of what to expect from Schlumberger and the rest of the industry this quarter.

Expectations

According to Estimize, Wall Street is looking for EPS of $0.79 from Schlumberger on revenue of $9.15 billion for the quarter. If Schlumberger hits that mark, it would represent a 3.9 percent quarter-over-quarter growth in earnings, but a 34.7 percent decline from Q2 2014’s $1.21 EPS for the company.

Recent History

Despite the fact that Schlumberger’s stock is down more than 27 percent over the past year, the stock has reacted…

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