Schlumberger 2nd-quarter net rises 49% on higher international activity

7/21/2013

Schlumberger 2nd-quarter net rises 49% on higher international activity

BY MELODIE WARNER

PARIS -- Schlumberger's second-quarter earnings rose 49% as higher international activity helped offset weaker North America revenue.

Schlumberger, the world's largest oilfield services company, has seen its revenue soar over the past three years as ramped up activity in areas like Canada and the deepwater U.S. Gulf of Mexico helped to offset declining onshore revenue in North America. The company earns more than two-thirds of its revenue internationally, which helps boost its profits.

Schlumberger reported a profit of $2.1 billion, or $1.57 a share, up from $1.4 billion, or $1.05 a share, a year earlier. Excluding items such as impairment and a gain from forming a joint venture, adjusted earnings from continuing operations rose to $1.15 a share from $1.01 a year ago. Revenue jumped 8.1% to $11.18 billion.

Analysts polled by Thomson Reuters had most recently forecast earnings of $1.10 a share on revenue of $11.11 billion.

Operating margin rose to 23.9% from 17.2%.

Oilfield services revenue from North America, the region which generates most of the top line, edged down 0.6% to $3.36 billion.

The Europe/Commonwealth of Independent States/Africa region's revenue climbed 6.9% while the Middle East and Asia rose 28%. Latin America revenue grew 3%.

Dow Jones Newswires

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