Posted: Jan 20, 2012 5:16 AM
Updated: Jan 20, 2012 10:13 AM
HOUSTON (AP) Schlumberger Ltd.'s net income surged 36 percent in the fourth quarter, benefiting from stronger land-based work by the oil services company in the Mideast and North Africa and offshore activity in the Gulf of Mexico and Africa.
The Houston-based company said Friday that its outlook for 2012 is still uncertain due to economic conditions in Europe, but that it is planning for growth this year.
Schlumberger reported net income rose to $1.41 billion, or $1.05 per share, for the October-December period, up from $1.04 billion, or 76 cents per share, a year earlier.
Taking out charges of 6 cents per share, earnings came to $1.11 per share.
This beat the $1.09 per share that analysts surveyed by FactSet predicted.
Schlumberger's stock rose 32 cents to $73.18 in midday trading.
Revenue climbed 21 percent to $11 billion from $9.07 billion as oilfield services revenue increased 21 percent to $10.3 billion and distribution revenue rose 19 percent to $685 million.
The results topped Wall Street's forecast of $10.78 billion.
Schlumberger said that its North American performance was helped by high-technology services in the Gulf of Mexico and improved seismic sales. Overseas results were led by deep-water and exploration activity, particularly in East and West Africa, and by strong land activity in the Middle East and North Africa.
Full-year net income rose 16 percent to $5 billion, or $3.67 per share, from $4.3 billion, or $3.38 per share, in the previous year. Annual revenue increased 44 percent to $39.54 billion from $27.45 billion.
The company announced late Thursday that it is increasing its quarterly dividend by 10 percent to 27.5 cents per share. The dividend will be paid on April 13 to shareholders of record on Feb. 22.