The oil-field services industry is presently in the bottom 39% section of the Zacks Industry Rank system. This was expected though due to nagging worries in the oil patch. Against this backdrop, investors must be interested in knowing how the sector is shaping up this earnings season. To tell that, we shall highlight below first-quarter 2016 earnings results of the sector bellwether, Schlumberger Ltd. (SLB), which reported on April 21. 1Q in Detail The world’s largest oilfield services provider dished out a downbeat Q1 with adjusted earnings of $0.40 per share, which missed the Zacks Consensus Estimate of $0.41 and was down from the year-ago number of $1.06. Total revenue of $6.520 billion was down 36.4% from the year-earlier level and missed the Zacks Consensus Estimate $6.522 billion. What was more troubling is that Schlumberger resorted to job cuts in the first quarter and “the industry displayed clear signs of operating in a full-scale cash crisis,” as per Schlumberger CEO. Not only this, SLB management indicated that this muffled operating environment will continue ahead due to disruptions in global activity. “Customers are slashing spending by as much as 50% in the U.S. and Canada,” as per Bloomberg, hurting oilfield service providers. Market Impact Quite expectedly, the company’s soft results will have a negative impact on the bourses and SLB shares lost over 1.21% after hours on April 21, post earnings release. This signals that some ETFs that have high exposure in this company might be in watch in the coming days (read: After Earnings, How Are Oil Service ETFs Shaping?). Below, we have highlighted three oil-services ETFs with the highest allocation to SLB that could see more pains in the upcoming trading sessions (see all energy ETFs here). iShares US Oil Equipment & Services ETF (IEZ) This ETF invests about $246.4 million in assets in 39 securities, focusing solely on the energy world. In-focus SLB takes up the first position here with 20.24% of holdings. Generally, when one stock accounts for as much as 20% of an ETF's weight, its individual performance decides a lot of the fund’s price movement. IEZ charges 44 bps in fees. It has a Zacks ETF Rank #5 (Strong Sell) with a High risk outlook. Market Vectors Oil Services ETF (OIH) OIH invests about $913.4 million of assets in 26 holdings. OIH devotes as much as 19.92% weight to SLB. OIH is cheap in the space with a net expense ratio of 0.35%. The fund has a Zacks ETF Rank #4 (Sell) with a High risk outlook. PowerShares Dynamic Oil & Gas Services Fund (PXJ) This product offers exposure to 30 energy stocks with SLB at the seventh position, allocating 4.52% of total assets. PXJ has amassed about $43.3 million thus far. The ETF charges 63 bps in fees, so it is a bit more expensive than some of its counterparts in the space. The fund has a Zacks ETF Rank #5 with a High risk outlook. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SCHLUMBERGER LT (SLB): Free Stock Analysis Report ISHARS-US OIL E (IEZ): ETF Research Reports MKT VEC-OIL SVC (OIH): ETF Research Reports PWRSH-DYN OIL&G (PXJ): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report