Revenue Rises at Schlumberger

The company's shares are ticking lower a day after its latest quarterly report.
Author:
Publish date:

Shares of

Schlumberger

(SLB) - Get Report

were slightly lower Wednesday, a day after the oilfield-services company issued its latest quarterly report, which showed an increase in revenue and earnings from continuing operations.

The company had revenue of $3.55 billion in the second quarter, up from $3.31 billion last year.

Schlumberger earned $112 million, or 19 cents a share, compared with $196 million, or 34 cents a share, a year ago. Income from continuing operations, excluding a charge, amounted to 38 cents a share, vs. 33 cents in the 2002 second quarter.

Oilfield-services revenue totaled $2.13 billion, up 8% from the fiscal first quarter and an increase of 9% from the second quarter of last year.

Gas drilling in North America should remain strong for the rest of the year, a trend that could continue next year as the rapid decline rates of new wells reduce production capacity, Schlumberger said. In international markets, the continued absence of a large excess production capacity should keep activity at current levels for the rest of 2003.

In afternoon

New York Stock Exchange

trading, Schlumberger was down $1.05, or 2.3%, to $45.35.