Schlumberger Sees Increasing Demand, Global Opportunities for Drilling
On Friday, oil giant Schlumberger (NYSE: SLB) posted a 31% profit for the fourth quarter, as reported in the Wall Street Journal (subscription required). Earnings rose to $1.04 billion, or 76 cents per share, from $795 million, or 65 cents per share, a year ago.The acquisition of Smith International contributed revenue of $2.49 billion and earnings of $275 million in the quarter.
CEO Andrew Gould said that an increase in global demand should drive growth in deepwater drilling around the world and revive onshore activity.
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