Schlumberger Profit Falls on Lower North American Prices
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Schlumberger Ltd., the world’s largest oilfield-services provider, said first-quarter profit fell 3.2 percent as reduced onshore drilling for natural gas led to lower hydraulic fracturing prices in North America.
Net income declined to $1.26 billion, or 94 cents a share, from $1.3 billion, or 97 cents, a year earlier, Houston- and Paris-based Schlumberger said in a statement today. Excluding one-time items, the company exceeded the 98-cent average of 32 analysts’ estimates compiled by Bloomberg. Sales climbed 7.6 percent to $10.7 billion.