Schlumberger Profit Rises as Global Energy Activity Remains Strong
October 19 2018 - 8:23AM
Dow Jones News
By Bowdeya Tweh
Schlumberger Ltd.'s (SLB) profit rose 18% in the latest period
from a year earlier as the oil-field services company benefited
from stronger energy development activity world-wide.
Schlumberger's profit in the third quarter was $644 million, or
46 cents a share, compared with $545 million, or 39 cents a share,
a year earlier. Excluding one-time items, profit was 46 cents a
share, up from 42 cents a share.
Analysts polled by FactSet expected earnings of 45 cents a
share.
Revenue rose 8% to $8.5 billion, as North American revenue rose
23% and international revenue rose 1%.
Schlumberger said outlook for global economic growth and oil
demand remains solid.
Schlumberger said there is a need for a multiyear increase in
investment in energy exploration and production ventures
world-wide.
Write to Bowdeya Tweh at bowdeya.tweh@wsj.com
(END) Dow Jones Newswires
October 19, 2018 08:08 ET (12:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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