USA: Schlumberger 2Q Results Show Strong Growth Worldwide


Schlumberger Limited today reported second-quarter 2011 revenue of $9.62 billion versus $8.72 billion in the first quarter of 2011, and $5.94 billion in the second quarter of 2010.

Income from continuing operations attributable to Schlumberger, excluding charges, was $1.18 billion—an increase of 22% sequentially and 45% year-on-year. Diluted earnings-per-share from continuing operations, excluding charges, was $0.87 versus $0.71 in the previous quarter, and $0.68 in the second quarter of 2010.

Schlumberger recorded charges of $0.05 per share in the second quarter of 2011 and $0.02 per share in the first quarter of 2011.

Oilfield Services revenue of $8.99 billion increased 11% sequentially and 51% year-on-year. Pretax segment operating income of $1.75 billion was up 20% sequentially and 56% year-on-year.

Distribution revenue of $637 million increased 6% sequentially. Pretax segment operating income of $24 million improved 8% sequentially.

Schlumberger Chairman and CEO Andrew Gould commented, “Second-quarter results showed strong growth worldwide. All Product Groups grew at double-digit rates. In North America, a prolonged Canadian spring break-up and poor weather in the northwest were offset by very strong growth in the rest of US land and a significant contribution from deepwater operations as the rig count increased and renewed interest in exploration activity in the Gulf of Mexico led to high multiclient seismic data sales.”

In Angola, Schlumberger ran a full suite of the latest generation wireline logs on an appraisal program for Angola LNG. Some of the new technologies introduced on this job included deployment of a high-tension capstan system as well as the QuickSilver Probe* service that acquired samples judged purer than previous samples taken in other wells on the project. In addition, the new InSitu Fluid Analyzer* system was run to understand reverse compositional grading and vertical discontinuity within the reservoir. Based on careful and extensive job planning, specifically designed tool combinations saved one trip in the well with the program being accomplished in two runs compared to the three runs expected, thereby saving 12 hours of rig time.

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Source:Schlumberger , July 22, 2011;