Schlumberger Fourth-Quarter Profit Rises as Drilling Booms
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Schlumberger Ltd., the world’s largest oilfield-services provider, said fourth-quarter profit rose 36 percent as higher crude prices pushed oil companies to boost exploration and production spending around the world.
Net income rose to $1.41 billion, or $1.05 a share, from $1.04 billion, or 76 cents, a year earlier, Houston- and Paris-based Schlumberger said today in a statement. Excluding charges related to a write-off of Libya assets, the company earned $1.11 a share, beating by 2 cents the average of 32 analyst estimates compiled by Bloomberg. Sales climbed 21 percent to $11 billion.