Schlumberger Profit Rises; Next Quarter May Be Lower
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Schlumberger Ltd., the world’s largest oilfield services provider, said fourth-quarter profit rose 31 percent as surging crude prices drove a drilling boom in North America. The company’s shares fell after the chief executive officer said next quarter’s earnings may be lower.
Net income rose to $1.04 billion, or 76 cents a share, from $795 million, or 65 cents, a year earlier, Schlumberger said in a statement today. Excluding inventory and merger-related costs, Schlumberger earned 85 cents a share, 7 cents more than the average of 32 analysts’ estimates compiled by Bloomberg. The company, based in Houston and Paris, will boost its dividend by 4 cents to 25 cents a share.