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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

04/24/2013

 

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