Schlumberger Ltd. reported that fourth-quarter income rose 22%
as oil-field services revenue jumped in the Middle East and
Asia.
The oil-field services company has reported strong revenue
growth in recent years as ramped-up activity in areas such as
Canada and the deepwater U.S. Gulf of Mexico helped offset weakness
in onshore North America revenue.
Schlumberger posted a profit of $1.66 billion, or $1.26 a share,
up from $1.36 billion, or $1.02 a share, a year earlier. Excluding
provision for accounts receivable and other items, earnings were
$1.35 a share, up from $1.04 a share.
Revenue grew 7.4% to $11.91 billion.
Analysts surveyed by Thomson Reuters projected a profit of $1.32
a share on $11.99 billion in revenue.
Oil-field services revenue from North America grew 6.6%. The
Europe/Commonwealth of Independent States/Africa region's revenue
rose 8.6%.
Revenue increased 18% from the Middle East and Asia but fell
3.4% in Latin America.
On Thursday, Schlumberger raised its quarterly dividend 28% to
40 cents a share.
Write to Ben Fox Rubin at ben.rubin@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires