Net revenue for the second quarter of 2011 was $9.6 billion compared to $5.9 billion in the same quarter prior year. Revenue from oilfield services grew 51% year-over-year in the June quarter, contributing 90% towards revenue.
Net income stood at $1.18 billion, up 22% from the same quarter in 2010.The company repurchased shares worth $700 million during the quarter. The stock's key growth drivers in 2011 are technology upgrades required 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 89% and is likely to return 50% in the next one year. The scrip is trading at 14 times its estimated 2012 earnings.