By Ben Fox Rubin
Schlumberger Ltd. said its first-quarter earnings rose 26% as
the oil-field services company's revenue benefited from growth in
the Middle East and Asia, as well as North America.
The company has reported strong revenue growth in recent years
as ramped-up activity in areas such as Canada and the deep water
U.S. Gulf of Mexico helped offset weakness in onshore North America
revenue.
Schlumberger posted a profit of $1.59 billion, or $1.21 a share,
up from $1.26 billion, or 94 cents a share, a year earlier.
Excluding a currency devaluation loss in Venezuela and discontinued
operations, earnings were 97 cents a share a year earlier.
Revenue grew 6.3% to $11.24 billion.
Analysts surveyed by Thomson Reuters projected a profit of $1.20
a share on $11.49 billion in revenue.
Oil-field services revenue from North America grew 12%. The
Europe/Commonwealth of Independent States/Africa region's revenue
edged up 0.6%.
Revenue jumped 19% from the Middle East and Asia, and fell 7.7%
in Latin America.
Write to Ben Fox Rubin at ben.rubin@wsj.com
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