Schlumberger Limited (NYSE:SLB) today reported third-quarter 2012 revenue of $10.61 billion versus $10.45 billion in the second quarter of 2012, and $9.55 billion in the third quarter of 2011.
Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.44 billion—an increase of 3% sequentially and 10% year-on-year. Diluted earnings-per-share from continuing operations, excluding charges and credits, was $1.08 versus $1.05 in the previous quarter, and $0.96 in the third quarter of 2011.
Schlumberger recorded charges of $0.02 per share in each of the third and second quarters of 2012 and the third quarter of 2011.
Oilfield Services revenue of $10.61 billion increased 2% sequentially and 11% year-on-year. Oilfield Services pretax operating income of $2.14 billion increased 2% sequentially and 11% year-on-year.Schlumberger CEO Paal Kibsgaard commented, “Our third-quarter results reflected steady international growth although performance in regional markets varied through activity mix and changes to project schedules. Key markets, both on land and offshore, continued to drive performance as international demand for reservoir characterization and drilling services more than offset weakness in the North America pressure pumping market. Both Middle East & Asia and Europe/CIS/Africa Areas delivered strong results, while Latin America revenue was flat with the previous quarter due to operational delays, project mobilizations and changes in activity mix. In North America, a slow seasonal recovery in Canada, falling US land rig count, continued oversupply of hydraulic fracturing capacity, and the effects of Hurricane Isaac all impacted performance. International pricing continued a steady upwards trend during the quarter, driven by higher sales of new technology and strong operational performance. Service capacity remained tight for Seismic, Wireline and Drilling & Measurements services, and we also saw signs of capacity tightening in our Well Testing business. Schlumberger Production Management continued to ramp-up operations on the Shushufindi project in Ecuador and the Carrizo field in Mexico, and we started mobilizing for the Panuco project, also in Mexico.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV