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Schlumberger second quarter net income jumps nearly 50 pct

2013-07-20

Schlumberger

Schlumberger's second-quarter net income jumped nearly 50 percent, boosted by a gain stemming related to the formation of a joint venture. 


The world's largest oilfield service company earned $2. 1 billion, or $1. 57 per share, up from $1. 4 billion, or $1. 05 per share, in the same quarter of 2012. 

Excluding a gain on the formation of OneSubsea joint venture in Cameron and impairment charges, the company said it posted an adjusted profit from continuing operations of $1. 15 per share for the latest quarter. 

Revenue rose 8 percent to $11. 18 billion from $10. 34 billion. 

The results beat Wall Street predictions. Analysts, on average, expected a profit of $1. 10 per share on $11. 12 billion in revenue, according to FactSet. 

Schlumberger said it saw little change in the overall soft global economic environment from the first quarter. Its U. S. operations saw no significant impact from federal budget cuts, European economic conditions remained tough and conditions in China were still mixed. The result has been still stable demand for gas and oil, the company said. 

But Schlumberger said its expectations for exploration and production spending have increased. As a result, it said it continues to see consistent growth. 

Schlumberger Ltd. has principal offices in Paris, Houston and The Hague. 

In premarket trading, its shares rose $2. 35, or 3 percent, to $80. 83. Its shares are near the high end of their 52-week range of $66. 85 and $82.