Crude oil prices lift Schlumberger’s profit by 13 percent

Crude oil prices lift Schlumberger’s profit by 13 percent

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.

Slam Exploration announces zinc – lead – silver resource at Nash Creek

SLAM Exploration Ltd. announces it has received a draft 43-101 Technical Report and resource estimate from Wardrop Engineering Inc. for its wholly-owned Nash Creek Project in New Brunswick. Using a 2% Zinc Equivalent cut-off and after… Read more..

Lake Victoria Mining Company, Inc.- Kalemela Emerging Gold Project Update, Tanzania

Lake Victoria Mining Company Inc. provide an update of exploration activities at its Kalemela Gold Project in northern Tanzania. This emerging gold exploration project lies northeast of the Company’s Geita Gold Project and 140… Read more..

Mirasol Options the Nico Silver-Gold Project to Coeur d’Alene Mines

Mirasol Resources Ltd. announces that it has signed an exploration option agreement with Coeur d Alene Mines to explore and develop Mirasol’s 100% owned Nico Project, located in the Deseado Massif gold-silver epithermal district… Read more..

Pan American silver closes US$103 million public offering of common shares

Pan American Silver Corp. has closed its previously announced public offering of common shares. Pursuant to the Offering, the Company today issued 6,371,000 common shares at a price of US$16.25 per share, for aggregate gross proceeds… Read more..

Option payment received for sale of the Basin Coal Mine

Compliance Energy Corporation announces that further to the Company’s announcements on August 7, and December 18, 2008 regarding an option to NWPC Pty Ltd for the purchase of 100% of the Company’s interest in the Basin… Read more..

Share this post