Schlumberger Revenue Soars

Schlumberger (SLB Quote) said third-quarter net income rose 7% to $1.5 billion, or $1.25 a share, as sales jumped to $7.3 billion from $5.9 billion a year earlier.

The company said the impact of the hurricane season reduced earnings by 4 cents a share. Without this, earnings would have been $1.29 a share, topping the estimate of analysts surveyed by Thomson Reuters of $1.25. A year earlier, the company reported earnings of $1.09 a share.

Schlumberger said oilfield services revenue rose 24% to $6.4 billion.

Schlumberger said as it enters the fourth quarter, "the recent rapid deterioration in credit markets will undoubtedly have an effect on our activity though we anticipate this will largely be limited to North America and in some emerging exploration markets overseas." The company also said the strengthening production of North American natural gas also has led a number of customers to reduce spending early.