Crude oil prices lift Schlumberger’s profit by 13 percentadmin
July 21, 2008 Filed Under: Mining Services, Oil and Gas
Oilfield services provider Schlumberger Ltd. reporting a nearly 13 percent jump in profit driven by robust spending among customers searching for new sources of crude and natural gas. Unless the global economy goes into the tank, Schlumberger said it expects continued brisk spending on exploration and production as energy companies try to benefit from high commodity prices.
Andrew Gould, chairman and chief executive, in a conference call with investors said that “At the half year, the uncertainty around the direction of natural gas drilling in North America has been removed and extremely high commodity prices have led operators to increase their budgets overseas,”
The company, a bellwether oilfield services contractor, said its net income rose to $1.42 billion, or $1.16 a share, compared with $1.26 billion, or $1.02 per share, in the year-earlier period. Revenue rose to $6.75 billion from $5.64 billion a year earlier.
Gould noted that some North American customers in particular were facing higher prices for certain supplies and labor, given the frenetic exploration and production activity. But he said factors such as a large number of orders for new rigs has led the company to reiterate its “stronger for longer” view of market conditions.
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