Schlumberger Earnings Meet Estimates

PARIS ( TheStreet) -- Schlumberger ( SLB), the oilfield services company, said second-quarter earnings rose to $818 million, or 68 cents a share, as oilfield services revenue rose 10% from a year earlier.

A year ago, the company earned $613 million, or 51 cents a share.

Schlumberger said oilfield services revenue was $5.44 billion; total revenue was $5.94 billion vs. $5.53 billion in the second quarter of 2009.

Analysts surveyed by Thomson Reuters were expecting earnings of 68 cents a share on revenue of $5.92 billion.

"Sequential revenue increases were recorded in all areas as were sequential margin improvements led by strong performances in North America and Latin America," the company said in a press release.

Schlumberger also said it sees a "continued slow build of activity in the second half in most parts of the world."

Schlumberger said it isn't planning any resumption of drilling activity in the deepwater Gulf of Mexico this year.

-- Reported by Joseph Woelfel in New York.

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