During 2011 first quarter, net income stood at $972 million, up 30% from the same period last year. Net revenue was $8.7 billion compared to $9.1 billion in 2010 first quarter.
Revenue from oilfield services grew 45% year-over-year in the December quarter, contributing 90% toward revenue.The stock's key growth drivers in 2011 are higher technology needs for exploration and deepwater operations. Surging oil prices could support additional drilling activity in North America and the Middle East, led by Saudi Arabia and Iraq. The stock has analysts' buy ratings of 84% and is likely to return 25% in the next one year. The scrip is trading at 12 times its estimated 2011 enterprise value per earnings before interest, tax, and depreciation.