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Schlumberger First-Quarter Profit Rises on Offshore Oil

Schlumberger Ltd. (SLB), the world’s largest oilfield-services provider, climbed the most in more than four months after reporting first-quarter profit rose 38 percent as customers increased higher margin deep-water drilling around the globe in response to climbing crude prices.
 

 

 


Net income rose to $1.3 billion, or 97 cents a share, from $944 million, or 69 cents, a year earlier, Houston- and Paris- based Schlumberger said in a statement today. Shares rose 2.7 percent to $71.70 at the close in New York.

Schlumberger First-Quarter Profit Rises Mike Fuentes/Bloomberg
Schlumberger helps companies drill for oil and natural gas, including using hydraulic fracturing, or fracking, to free the fuel from shale formations.

Schlumberger helps companies drill for oil and natural gas, including using hydraulic fracturing, or fracking, to free the fuel from shale formations.

 

.The average number of active oil and natural-gas rigs outside the U.S. and Canada during the quarter climbed 1.2 percent to 1,189, according to Baker Hughes Inc. (BHI) Oil drilling increased as the average prices for Brent crude climbed 12 percent to $118.45 a barrel from $105.52 a year earlier.

“Their international margins held steady, which I view as a positive,” Stephen Gengaro, an analyst at Sterne Agee & Leach Inc. in New York, who rates the shares a buy and owns none, said today in a telephone interview. “They were flat in a weaker seasonal quarter.”

 

Excluding a normal seasonal drop in sales, the increase in high-margin exploration and deepwater activities helped sustain “robust” international margins, Schlumberger said in the statement. Sales climbed 22 percent to $10.6 billion.
 

Schlumberger helps companies drill for oil and gas, including using a pressure-pumping technique called hydraulic fracturing, or fracking, to free the fuel from shale formations.
 

 

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