Friday, July 22, 2011

Schlumberger Limited (NYSE: SLB): Q2 2011 Earnings Roundup

Schlumberger Limited (NYSE: SLB) reported Friday that its second-quarter profit jumped 64% to $1.34 billion, or 98 cents a share, from $818 million, or 68 cents a share, in the year-ago quarter. The latest earnings from continuing operations were 87 cents. Revenue climbed 62% to $9.62 billion from $5.94 billion. Analysts, on average, expected the company to report earnings of 85 cents per share on revenue of $9.19 billion.

Schlumberger Chairman and CEO Andrew Gould commented, "Second-quarter results showed strong growth worldwide. All Product Groups grew at double-digit rates. In North America, a prolonged Canadian spring break-up and poor weather in the northwest were offset by very strong growth in the rest of US land and a significant contribution from deepwater operations as the rig count increased and renewed interest in exploration activity in the Gulf of Mexico led to high multiclient seismic data sales.

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