Schlumberger reports Iran revenue
BY ALISON SIDER
HOUSTON -- Schlumberger is winding down its work in Iran but said in a securities filing Wednesday that it earned $98 million in revenue there during the first quarter of the year.
The company earned net income of $56 million in Iran during the quarter.
Schlumberger provides oilfield services to the National Iranian Oil Company through certain non-U.S. subsidiaries, but has said it plans to discontinue its operations in Iran this year. The company said it hasn't bid on new contracts related to petroleum production in Iran since March 2009.
Iran accounts for a small portion of the nearly $10.7 billion in revenue that Schlumberger reported earning world-wide in the first quarter. Schlumberger earned $2.5 billion in revenue in the Middle East and Asia.
Under a law passed last year, companies that do business in Iran have to disclose certain information about their activities there in a special filing to the Securities and Exchange Commission. This is Schlumberger's second such disclosure. In February, the company said that during 2012, it earned $208 million in profit on $418 million in revenue in Iran.
Schlumberger said in the filing that its activity in Iran includes dealings with the country's government that are "incidental to operating in Iran," such as paying taxes and government fees as well other routine expenses.
Dow Jones Newswires