Schlumberger Q3 revenue increased 12%Staff writer ▼ | October 21, 2013
Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.71 billion, an increase of 12% sequentially and an increase of 24% year-on-year. Diluted earnings-per-share from continuing operations, excluding charges and credits, was $1.29 versus $1.15 in the previous quarter, and $1.04 in the third quarter of 2012.
Schlumberger recorded net credits of $0.51 per share in the second quarter of 2013 and charges of $0.02 per share in the third quarter of 2012. Schlumberger did not record any charges or credits in the third quarter of 2013.
Oilfield Services revenue of $11.61 billion was up 4% sequentially and increased 11% year-on-year. Oilfield Services pretax operating income of $2.50 billion was up 10% sequentially and increased 20% year-on-year.
Results were led by North America with a new high in overall revenue, supported by solid offshore activity and the seasonal rebound of activity in Western Canada. US land operations showed impressive resilience through improved efficiency, new technology penetration and market share gains in a highly competitive market with largely constant rig count.
International results were led by the Middle East & Asia with growth in key markets in Saudi Arabia and Iraq, while offshore activity strengthened in Asia, and land drilling and stimulation activity improved in China. Europe/CIS/Africa saw strong summer activity in Russia and Central Asia and a seasonal increase in WesternGeco marine activity in the Area. Latin America activity was driven by Integrated Project Management and Schlumberger Production Management operations. ■