DOW JONES NEWSWIRES
Schlumberger Ltd.'s (SLB) fourth-quarter earnings rose 36% as
the oil-field services company saw revenue jump in North
America.
The world's largest oil-field services company has said oil
consumption and oilfield activity will continue to grow, driven by
relatively high energy prices and large oil companies' need to grow
their reserves, despite uncertainty surrounding economic recovery
in the U.S. and Europe.
The company's international performance also has been improving.
Schlumberger resumed drilling activity in Libya during the fourth
quarter, since the country's civil war succeeded in toppling former
leader Moammar Gadhafi. The company also continues to send offshore
rigs to Mexico and to provide technology for shale rock formation
drilling in Argentina.
Schlumberger reported a profit of $1.41 billion, or $1.05 a
share, up from $1.04 billion, or 76 cents a share, a year earlier.
Excluding merger and integration costs and the write-off of assets
in Libya, earnings from continuing operations rose to $1.11 from 85
cents a year ago.
Revenue rose 21% to $10.97 billion.
Analysts polled by Thomson Reuters had forecast earnings of
$1.09 a share and revenue of $10.78 billion.
In North America, revenue more than doubled from a year earlier,
led by high-technology services in deepwater Gulf of Mexico.
Shares were up by 24 cents to $73.10 premarket. The stock is
down 15% in the past 12 months.
--By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com