Schlumberger Earnings Fall 31%

Schlumberger said fourth-quarter earnings fell 31% as oil prices declined from year-earlier levels.
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NEW YORK (

TheStreet

) --

Schlumberger

(SLB) - Get Report

said fourth-quarter earnings fell 31% as oil prices declined from year-earlier levels.

Net income in the quarter was $795 million, or 65 cents a share, vs. $1.15 billion, or 95 cents a share, a year earlier. Earnings from continuing operations in the quarter were 67 cents a share.

Schlumberger, the oil services company, said revenue was $5.74 billion compared with $6.87 billion a year earlier. Oilfield services revenue fell 17% from a year earlier to $5.17 billion.

Analysts surveyed by Thomson Reuters estimated earnings of 64 cents a share.

"Our outlook for 2010 remains largely dependent on the prospects for the general economy. At the end of the third quarter, we indicated that we were encouraged that signs were emerging that demand for oil and gas would begin to increase," said Schlumberger Chairman and CEO Andrew Gould, in a statement. "Consensus forecasts predict that oil demand in 2010 will increase, particularly in the developing world, for the first time since 2007."

-- Reported by Joseph Woelfel in New York.

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