Schlumberger posts first revenue rise in 9 quarters as drilling recovers


Reuters

April 21(Reuters) - Schlumberger NV <SLB.N> reported a 5.7
percent rise in revenue, the first increase after eight
quarters, as a recovery in crude prices spurred shale drilling
after a more than two-year slump.
    The world's No.1 oilfield services provider said on Friday
revenue rose to $6.89 billion from $6.52 billion as higher
drilling activity in North America also helped roll back
discounts offered during the downturn in oil prices.
    The U.S. rig count rose more than 25 percent in the first
three months of the year, according to data provided by Baker
Hughes Inc <BHI.N>.
    However net profit attributable to Schlumberger fell to $279
million, or 20 cents per share, in the first quarter ended March
31, from $501 million, or 40 cents per share, a year earlier. (http://bit.ly/2ox4Wg5)
    Schlumberger's cost of revenue rose 11.3 percent to $6.08
billion as the company reactivated idled rigs and equipment to
meet the rising demand from U.S. shale producers.

 (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj
Kalluvila)
 ((arathys.nair@thomsonreuters.com;  within U.S. +1 646 223
8780, outside U.S. +91 80 6749 3863; Reuters Messaging:
arathys.nair.thomsonreuters.com@reuters.net))

Keywords: SCHLUMBERGER RESULTS/ (URGENT)



This article appears in: Stocks , Fundamental Analysis , World Markets , Oil , Earnings
Referenced Symbols: BHI , SLB


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