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Schlumberger 1Q Net Rose 38% On Solid North America Revenue

DOW JONES NEWSWIRES Schlumberger Ltd.'s (SLB) first-quarter earnings rose 38% as the shift of rigs and services to liquids-rich basins continued to drive revenue growth. Schlumberger, the world's largest oil field services company, had 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. Schlumberger has predicted oil consumption and oil field activity will continue to grow through 2012, driven by relatively high energy prices and large oil companies' expanding their reserves. The company's international performance has also been improving as political tensions eased in key geographies, like Libya, where Schlumberger resumed activity during the fourth quarter. Schlumberger reported a profit of $1.3 billion, or 97 cents a share, up from $944 million, or 69 cents a share, a year earlier. Excluding items such as merger and integration costs, earnings rose to 98 cents from 71 cents. Revenue was $10.61 billion, a 22% jump from a year earlier, but down 3.3% from the prior quarter. Analysts polled by Thomson Reuters had most recently forecast earnings of 97 cents on revenue of $10.55 billion. Oil-field services revenue from North America, the region which generates most of the top-line, dropped 3.2% from the fourth quarter, reflecting the seasonal slowdown in product, software and multiclient sales. The company said North America revenue was flat sequentially, excluding seasonal sales effects. Schlumberger said the move of rigs and service capacity from gas-rich to liquids-rich basins accelerated during the most-recent quarter, while the pricing weakness experienced in prior quarters reached the liquids-rich basins. Internationally, the impact of winter weather and year-end sales affects lowered revenue, but growing higher-margin exploration and deepwater activity in a number of regions kept margins flat, sequentially. The Europe/Commonwealth of Independent States/Africa region's revenue declined 3.3% from the prior quarter while the Middle East and Asia posted a 3.9% decrease. Latin America revenue was down 4.4%. Shares closed Thursday at $69.80 and were inactive premarket. The stock has fallen 5.4% over the past three months. --By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Schlumberger (SLB)
DateTimeHeadline
02/10/201615:37:49Amended Statement of Ownership (sc 13g/a)
02/10/201610:30:36Amended Statement of Ownership (sc 13g/a)
02/09/201618:14:00シュルンベルジェとキャメロンの合併が欧州委員会から無条件の承認を取得
02/09/201609:10:00La fusion entre Schlumberger et Cameron obtient l’autorisation i...
02/06/201607:40:00Schlumberger-Cameron-Fusion erhält bedingungslose Genehmigung...
02/05/201620:26:00Fusão Schlumberger-Cameron recebe liberação incondicional da...
02/05/201615:24:59Proxy Statement - Notice of Shareholders Meeting (preliminary...
02/05/201614:15:25Current Report Filing (8-k)
02/05/201613:01:00Schlumberger-Cameron Merger Receives Unconditional Clearance...
02/05/201613:00:00Schlumberger-Cameron Merger Receives Unconditional Clearance...
02/05/201607:30:00EU Approves Schlumberger's Cameron Takeover
02/05/201607:21:00EU Approves Schlumberger's Cameron Takeover
02/04/201617:05:23Notice of Iran-related Disclosure Filed Pursuant to Section 13(r)(3...
02/02/201612:03:00Schlumberger annonce les résultats de l’exercice complet et du...
02/02/201611:49:00Schlumberger anuncia los resultados del cuarto trimestre y de...
01/30/201612:33:00Schlumberger gibt Ergebnisse des Gesamtjahres und des vierten...
01/29/201613:28:00Schlumberger anuncia os resultados do quarto trimestre e de todo...
01/29/201604:05:00Highlands Natural Resources Raises GBP765,000 To Fund Trials
01/28/201607:30:00Cameron Announces Results For Fourth Quarter Of 2015
01/26/201603:02:00As Stock Prices Slump, Don't Count On Buybacks

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