Schlumberger ( SLB) said second-quarter earnings rose 78% from a year ago amid widespread and rising demand for its oil field equipment and services.

The company earned $856.9 million, or 69 cents a share, in the quarter, compared with $482.2 million, or 40 cents a share, a year ago. Excluding items, Schlumberger earned $900 million, or 73 cents a share, in the quarter. Analysts had been forecasting earnings of 63 cents a share, according to Thomson First Call.

Second-quarter revenue rose 37% from a year ago to $4.69 billion, beating the $4.45 billion Wall Street consensus. Revenue from oil field services rose 36% from a year ago to $4.13 billion, while revenue at Schlumberger's WesternGeco unit rose 47% to $562 million.

"The second-quarter growth patterns proved to be the opposite of the first quarter of 2006," Schlumberger said. "Sequential growth in North America slowed as impressive results in U.S. Land and exceptional performance in the U.S. Gulf Coast were partially offset by a prolonged spring break-up in Canada. Outside North America, sequential growth rates improved dramatically as Russia recovered from the severe winter weather and other regions showed accelerating trends.

"Many Schlumberger Technologies saw positive sequential growth rates worldwide with Seismic, Drilling & Measurements, Well Testing, Completion Systems and Integrated Project Management being particularly strong, driven by a combination of increased activity, project demand, and technology-led pricing power," it said.

The stock closed at $61.66 Thursday.