HOUSTON (

TheStreet

) --

Schlumberger

(SLB) - Get Report

earned $1.73 billion, or $1.38 a share, in the third quarter as revenue rose 26% from a year earlier.

Schlumberger earned $789 million, or 65 cents a share, in the third quarter of 2009.

Revenue in the quarter was $6.85 billion, up from $5.94 billion in the second quarter and $5.43 billion in the third quarter of 2009. Oilfield services revenue was $5.54 billion, up 2% sequentially and 12% from last year.

Schlumberger said net income, excluding charges and credits, was $875 million, or 70 cents a share, in the third quarter.

Analysts surveyed by Thomson Reuters expected Schlumberger to earn 69 cents a share on revenue of $6.83 billion.

Schlumberger said the sequential revenue increase "was largely driven by strong improvements in U.S. land and Canada, which more than offset a sharp decline in the U.S. Gulf of Mexico as the deepwater drilling moratorium took full effect."

The company expects the fourth quarter activity in North America on land to continue strong, but its doesn't expect "any rapid return" to deepwater drilling in the Gulf despite the moratorium being lifted.

-- Written by Joseph Woelfel

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