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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Schlumberger Ltd | NYSE:SLB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.70 | -3.45% | 47.51 | 49.35 | 47.43 | 48.93 | 14,143,696 | 00:55:42 |
By Maria Armental
Schlumberger Ltd.'s profit fell sharply in the fourth quarter as oversupply and tepid demand drove oil prices down along with exploration spending.
Unrest in Libya and Iraq and international sanctions in Russia also took a toll.
The world's largest oil-field services company, with a market capitalization of more than $106 billion, said last month it would write down $800 million in the quarter related to the reduction of its marine fleet at WesternGeco, which focuses on seismic services.
As the first oil-field services company to report, Schlumberger is expected to set the tone for a sector hard-hit by plunging crude prices.
In the latest quarter, results were driven by growth in North America, where revenue rose 16% to $16.15 billion, Schlumberger said.
In its international segments, revenue rose 4% to $32.1 billion, led by growth in Saudi Arabia and Bahrain and "robust activity" in Kuwait and the United Arab Emirates, Schlumberger said. Schlumberger's Europe/Commonwealth of Independent States/Africa segment, which includes Russia, reported significantly lower revenue hurt by weakness from the ruble and seasonal declines in Russia and fewer working rigs in Angola, Norway and the U.K. due to falling oil prices.
Overall, Schlumberger reported a profit of $302 million, or 23 cents a share, down from $1.66 billion, or $1.26 a share, a year earlier. Excluding restructuring and other costs, profit rose to $1.50 a share from $1.35 a share a year earlier. Revenue rose 6% to $12.64 billion.
Analysts surveyed by Thomson Reuters expected $1.45 a share and revenue of $12.67 billion.
Earlier Thursday, the company said it was raising its quarterly dividend 25% to 50 cents a share.
Through Thursday's closing, the company's stock had fallen nearly 14% over the past 12 months.
French brothers Conrad and Marcel Schlumberger started the company in 1926 as the Societe de Prospection Electrique, nicknamed "Pros", which initially handled surface prospecting for the metal ore mining industry, according to Schlumberger's website.
The company moved its headquarters to Houston in 1940.
Write to Maria Armental at maria.armental@wsj.com
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