By John Kell
Schlumberger Ltd.'s (SLB) third-quarter profit climbed 20% on
particularly strong oil-field services revenue in the Middle East
and Asia region, driven by growth in Saudi Arabia and Iraq.
Results topped Wall Street's expectations, bolstered by higher
revenue across all of the markets Schlumberger serves.
The oil-field services company has reported strong revenue
growth in recent years as ramped up activity in areas like Canada
and the deepwater U.S. Gulf of Mexico helped offset onshore North
America revenue weakness.
Schlumberger posted a profit of $1.72 billion, or $1.29 a share,
up from $1.42 billion, or $1.07 a share, a year earlier. Revenue
climbed 11% to $11.61 billion.
Analysts surveyed by Thomson Reuters projected a profit of $1.24
a share on $11.58 billion in revenue.
Oil-field services revenue from North America climbed 9.1%. The
Europe/Commonwealth of Independent States/Africa region's revenue
grew 6.5%.
Revenue from the Middle East and Asia jumped 25%, and increased
4% in Latin America.
Shares, inactive in premarket trading, closed Thursday at $91.43
and are up 32% year-to-date.
Write to John Kell at john.kell@wsj.com
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