Schlumberger Profit Jumps on Middle East, Asia Growth

By Ben Fox Rubin 

Schlumberger Ltd. said its first-quarter earnings rose 26% as the oil-field services company's revenue benefited from growth in the Middle East and Asia, as well as North America.

The company has reported strong revenue growth in recent years as ramped-up activity in areas such as Canada and the deep water U.S. Gulf of Mexico helped offset weakness in onshore North America revenue.

Schlumberger posted a profit of $1.59 billion, or $1.21 a share, up from $1.26 billion, or 94 cents a share, a year earlier. Excluding a currency devaluation loss in Venezuela and discontinued operations, earnings were 97 cents a share a year earlier.

Revenue grew 6.3% to $11.24 billion.

Analysts surveyed by Thomson Reuters projected a profit of $1.20 a share on $11.49 billion in revenue.

Oil-field services revenue from North America grew 12%. The Europe/Commonwealth of Independent States/Africa region's revenue edged up 0.6%.

Revenue jumped 19% from the Middle East and Asia, and fell 7.7% in Latin America.

Write to Ben Fox Rubin at [e-mail]

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