Posted: Jul 20, 2012 5:26 AM
Updated: Jul 20, 2012 5:27 AM
NEW YORK (AP) Schlumberger Ltd. says its second-quarter net income rose 5 percent as its oilfield services business picked up in the West and Africa.
Schlumberger, a Houston company that provides a variety of services for the oil and gas industry, on Friday reported net income of $1.4 billion, or $1.05 per share, for the three months ended June 30. That compares with $1.34 million, or 98 cents per share, for the same part of 2011. Revenue increased by 16.2 percent in the quarter to $10.45 billion.
Analysts were expecting earnings of $1 per share on revenue of $10.47 billion.
Pretax profits rose for its oilfield services in North America, Latin America, Europe and Africa. They lagged in the Middle East and Asia.
Shares rose by $1.29 to $69.93 in premarket trading.