Schlumberger 4Q Profit Soars 71 Percent, Revenue Up by a Third
Oilfield services provider Schlumberger Ltd. said Friday its fourth-quarter profit soared despite seasonal weather-related weakness thanks in part to price increases and stronger activity in most of its markets.
Its shares rose more than 4 percent in morning trading.
Net income rose 71 percent to $1.13 billion, or 92 cents per share, from $660.6 million, or 54 cents per share. Excluding charges and credits, earnings per share in the year-ago quarter were 52 cents.
Revenue climbed 33 percent to $5.35 billion from $4.02 billion, with oilfield Services revenue up 30 percent year over year to $4.63 billion. WesternGeco, the company’s seismic division, posted a 55 percent revenue boost, to $721 million.
Analysts surveyed by Thomson Financial forecast, on average, a quarterly profit of 85 cents per share on revenue of $5.14 billion.
For the full year, net income rose 68 percent to $3.71 billion, or $3.01 per share, as revenue increased 34 percent to $19.23 billion.
Houston-based Schlumberger said it sees “significant growth” in 2007, especially in the Eastern Hemisphere for exploration, development and production enhancement related services, on the back of demand for hydrocarbons.
Its shares rose $2.50, or 4.3 percent, to $60.40 in morning trading on the New York Stock Exchange.
