By Melodie Warner
Schlumberger Ltd.'s (SLB) third-quarter earnings rose 9.5% as
the oil-field-services provider's continued see increased revenue
from abroad.
Schlumberger, the world's largest oil-field-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 had previously 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 $1.42 billion, or $1.07 a
share, up from $1.3 billion, or 96 cents a share, a year earlier.
Excluding charges and credits, adjusted earnings from continuing
operations rose to $1.08 from 96 cents. Revenue jumped 11% to $10.6
billion.
Analysts polled by Thomson Reuters had most recently forecast
earnings of $1.06 a share on revenue of $10.68 billion.
Oil-field services revenue from North America, the region which
generates most of the top-line, fell 2.3% from the second quarter
to $3.29 billion.
The Europe/Commonwealth of Independent States/Africa region's
revenue climbed 2.1% from the prior quarter while the Middle East
and Asia posted a 6.9% increase. Latin America revenue edged up
0.2%, sequentially.
Shares closed Thursday at $74.80 and were inactive premarket.
The stock has risen 9.5% so far this year.
Write to Melodie Warner at melodie.warner@dowjones.com
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