Damn..shorts are covering on god earnings
Schlumberger 2Q profits up 33%
Houston Business Journal
Blue Letter Icon
Receive email alerts about Schlumberger Limited
Send this story to a friend
Email address of friend (insert comma between multiple addresses): Your email address: Add a brief note:
Enter words from the security image above:
Get new image | Image verificationAudio verification | reCAPTCHA™
* Print
* Email
* Reprints
* RSS Feeds
* LinkedIn
* Share
*
Comments
View Larger
Related News
* CyrusOne answers sales call from Cincinnati Bell
* Anadarko CEO primes stock options, yields $18M windfall as shares climb
* Baker Hughes, BJ Services set to merge
* M&A deals pump life into energy sector
* Deepwater Horizon sinking sends waves through Offshore Technology Conference
Find Executives
* Schlumberger Ltd.
Schlumberger Ltd. reported Friday a 33 percent boost in its second quarter net income on the heels of strong performances in North America and Latin America.
The Houston oilfield services company posted net income of $818 million, or 68 cents per share, on revenue of $5.94 billion compared with $613 million, or 51 cents per share, on revenue of $5.53 billion in the 2009 second quarter.
Analysts polled by Thomson First Call were on average expecting Schlumberger (NYSE: SLB) to post earnings per share of 68 cents.
CEO Andrew Gould said the firm is not planning to resume drilling activity in the Gulf of Mexico this year.
In June, Schlumberger - which earned 3.5 percent of its consolidated 2009 revenue from U.S. Gulf waters, mainly from deepwater operations - said it expects to take a hit as a result of the Gulf offshore drilling ban but should be fine considering its reach globally,where the effects of the 180-day moratorium will not be felt as much.
In its second quarter report, Gould reiterated the sentiment, noting: “In deepwater activity elsewhere we have not seen, nor do we expect to see, any significant delays or program reductions as a result of the US Gulf of Mexico drilling moratorium. Internationally, operators, contractors and regulatory bodies have stepped up maintenance and verification of key well control equipment and procedures, but have not restricted actual drilling activity.”
Schlumberger's stock was down 3.4 percent to $59.20 in pre-market trading.
Read more: Schlumberger 2Q profits up 33% - Houston Business Journal
AI
