Posted: Apr 20, 2012 4:47 AM
Updated: Apr 20, 2012 4:48 AM
NEW YORK (AP) Oil services giant Schlumberger Ltd. says profits jumped 37.8 percent in the first quarter thanks to strong drilling activity in the Gulf of Mexico, north Africa and the Middle East.
The Houston company, which provides a host of services for petroleum companies, reported earnings of $1.31 billion, or 97 cents per share, for the first three months of the year. That compares with $944 million, or 69 cents per share, for the same part of 2011.
Revenue increased by 21.7 percent to $10.6 billion.
Analysts were expecting earnings of 97 cents per share on revenue of $10.5 billion, according to FactSet.
The company says world oil demand appears to have "stabilized" and that the risk of a double-dip recession has declined.