Daily Management Review

Schlumberger doubles net profit for 9 months


The net profit of American Schlumberger, the world's largest service company in the field of oil and gas, amounted to $ 1.628 billion in the first nine months of 2018, which is 2.1 times more than in annual terms, the company said in a press release.

Diluted earnings per share were $ 1.15 versus $ 0.54 for the same period in 2017. In the reporting period, the company's revenue grew in annual terms by 10.7%, to $ 24.636 billion.

Schlumberger's net profit in the third quarter of 2018 increased by 18.3% to $ 658 million. Diluted earnings per share were $ 0.46 versus $ 0.39 a year ago. The company's revenue grew by 7.6%, to $ 8.504 billion.

Revenues from operations in North America for the quarter increased by 2% in quarterly terms - to $ 3,189 billion. Revenues from contracts in Europe, the CIS countries and Africa also rose by 2% - to $ 1.82 billion. In the Middle East and Asia, revenues in quarterly terms, increased by 2%, to $ 2.417 billion

"Our third-quarter revenue of $ 8.5 billion increased by 2% qoq due to international activity, where significant recovery continued and where quarterly growth surpassed North America for the first time since the second quarter of 2014," said Paal Kibsgaard, the company’s CEO.

Schlumberger is a leading global provider of integrated reservoir assessment, well construction, production control and hydrocarbon processing. Works in more than 85 countries. The company's headquarters are located in Paris, Houston, London and The Hague.

source: bloomberg.com