Schlumberger Ltd.'s (SLB) second-quarter earnings rose 4.8% as
the oilfield-services provider international revenue helped to
offset weakness in North America.
Schlumberger, the world's largest oilfield-services company, has
seen its revenue soar in recent quarters as exploration and
production companies ramp up activity in areas like the deep-water
U.S. Gulf of Mexico and vast oil-rich shale formations around the
U.S. But the company has warned that prices for its
pressure-pumping services in North America continue to weaken as
drilling rigs move from natural-gas fields to oil areas.
Schlumberger reported a profit of $1.4 billion, or $1.05 a
share, up from $1.34 billion, or 98 cents, a year earlier.
Excluding items such as merger and integration costs, earnings from
continuing operations rose to $1.03 from 81 cents. Revenue jumped
16% to $10.45 billion.
Analysts polled by Thomson Reuters had most recently forecast
earnings of $1 a share on revenue of $10.41 billion.
Oilfield-services revenue from North America, the region which
generates most of the top line, fell 1.7% from the first quarter to
$3.35 billion.
The Europe/Commonwealth of Independent States/Africa region's
revenue grew 14% from the prior quarter while the Middle East and
Asia posted a 6.7% increase. Latin America revenue was up 5.1%,
sequentially.
Shares closed Thursday at $68.64 and were inactive premarket.
The stock has fallen 22% in the past year.
Write to Melodie Warner at melodie.warner@dowjones.com
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